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Business & farm
The only time you might report a child's income on a parents return is if the child's only income is bank interest or dividends on investments in the child's name. If there is any other income, the child must file in their own name.
Also, be aware that money from FFA is not considered self-employment. Turbotax may ask questions like "is this a job" or "was there an intent to make a profit". Answer these questions as No. An FFA project is considered education, and while the income is taxable "other" or miscellaneous income, it is not self-employment income and is not subject to self-employment tax.
Because this is "other" or unearned income, your child does need to file, and may be subject to the "kiddie tax", as mentioned above.
‎January 19, 2024
12:19 PM
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