Unfortunately, no. Because of your age/student status and your unearned income, you fall into a category of special taxing. The unearned income is taxed at different rates and is dependent upon your parent's income.
The Kiddie Tax is the tax levied on the portion of your child's unearned income that exceeds $2,200. Children who only had earned income from a job or self-employment, don’t make enough money to be required to file, or are filing jointly with their spouses are exempt from the Kiddie Tax.
When does the Kiddie Tax kick in?
For the tax year 2019, the Kiddie Tax applies if your child has unearned income (usually from investments) exceeding $2,200, is required to file a return, isn’t filing jointly, and was age:
- 17 or younger at the end of 2019;
- 18 at the end of 2019, but only if their earned income (excluding scholarships in the case of a full-time student) didn’t exceed half of their support costs in 2019; or
- 19–23 at the end of 2019, but only if they were full-time students and their earned income (excluding scholarships) didn’t exceed half of their support costs in 2019.
If you leave it blank, you may get errors when attempting to e-file.
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