Investors & landlords

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@DonC1 wrote:

Thank you for your reply.  If the children are still very young, 1-10, and do not file, then would I have to enter the values on my taxes?

Thank you,

Don

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@DonC1 wrote:

Thank you for your reply.  If the children are still very young, 1-10, and do not file, then would I have to enter the values on my taxes?

Thank you,

Don

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No.   It is not your income - it is the child's income.   You are just the adult custodian of the account.   If the income exceeds $1,100 then the child must file a tax return.

2020 Filing requirements for dependents.

Single dependents— (Not age 65 or older or blind)

You must file a return if any of the following apply.
1. Your unearned income was more than $1,100.
2. Your earned income was more than $12,400.
3. Your gross income was more than the larger of—
a. $1,100, or
b. Your earned income (up to $12,050) plus $350.

Or Dependent had net earnings from self-employment of at least $400. 

However, if any tax was withheld, then Dependent might want to file anyway to get a refund of the tax withheld.

Also, a person that CAN be a dependent cannot claim him/her self and must check the box that says that another taxpayer can claim them (whether or not that taxpayer actually claims him/her).

Note: your state filing requirements might be different than the federal.