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Do I need to report child's Alaska Permanent Fund Dividend of $1,114?
The advise from TurboTax is: if child's income is exclusively unearned (including the Alaska PFD) and was less than $11,000 you can either report their PFD on your return or your child can report it on their own return. BUT, it also says "If your child's only income is unearned and doesn't exceed $1,100, it doesn't need to be reported"
A PFD of $1,114 is more than $1,100 (barely, but $14 dollars) but when I enter it as 1099-MISC for child and want to report it on my return Turbotax deletes the Form 8814 saying it does not need to be reported at all. Yes, it's only $14 more than the threshold amount of $1,100 but why is it non-reportable?
A PFD of $1,114 is more than $1,100 (barely, but $14 dollars) but when I enter it as 1099-MISC for child and want to report it on my return Turbotax deletes the Form 8814 saying it does not need to be reported at all. Yes, it's only $14 more than the threshold amount of $1,100 but why is it non-reportable?
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‎February 8, 2022
10:18 AM