Yes, it is. That income is unearned and he is age 21 and a student.
Tax for Certain Children Who Have Unearned Income
Use Form 8615, Tax for Certain Children Who Have Unearned Income (PDF) to figure your tax on unearned income over $2,200 if you're under age 18, and in certain situations if you're older (see below). Attach Form 8615 to your tax return if all of the following conditions are met.
- Your unearned income was more than $2,200.
- You meet one of the following age requirements:
- a. You were under age 18 at the end of the tax year,
- b. You were age 18 at the end of the tax year and you didn't have earned income that was more than half of your support, or
- c. You were a full-time student at least age 19 and under age 24 at the end of the tax year and you didn't have earned income that was more than half of your support.
- At least one of your parents was alive at the end of the tax year.
- You're required to file a tax return for the tax year.
- You don't file a joint return for the tax year.
Form 8615
