You probably need to file a separate return for your son. Since you mention being named as parent, I assume the annuity was titled similarly to "John Doe, parent, for Johnny Doe, a minor, under the Uniform Transfers to Minors Act" and has his Social Security number. If this is correct, and you are not in any way a co-owner, but simply a guardian/custodian, then the income cannot be reported on your tax return.
Under these circumstances, if your child is being
claimed as your dependent, he must file a return if any of
the following apply:
- His unearned income was more than $1,050.
- His earned income was more
than $6,300.
- His gross income was more
than the larger of—
- $1,050,
or
- His earned income (up to
$5,950) plus $350.
If your child is not being claimed by you or anyone else as a
dependent, he must file a federal tax return if his gross
income is at least $10,350 for 2016.
