It depends. In general, in 2022 the first $1,150 worth of a child's unearned income is tax-free. If your 5-year-old earned less than that, you don’t have to add his saving account interest to your tax return.
If it’s more, fill out a kiddie tax form.
- Type kiddie tax in Search (magnifying glass) in the top right corner
- Select Jump to kiddie tax
- On “Any Child's Income?” say YES and follow the screens
Learn more at What is IRS Form 8615: Tax for Certain Children Who Have Unearned Income.
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