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State tax filing
Maybe. The TurboTax program will ask you a series of questions to determine if her income needs to be reported on a tax return.
Dependents with unearned income, such as interest, dividends or capital gains, generally have to file their own tax return if the income is over $1,100 for 2020.
A parent can elect to claim the child's unearned income on the parent's return if certain criteria are met. Generally, the unearned income over the annual threshold ($2,200 in 2020) is taxed at the parent tax rate.
Please see TurboTax Help article Do I need to report my child's 1099-INT on my 2020 return? for guidance.
‎January 31, 2021
6:14 PM