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Level 1
June 1, 2019
Question

Should i fill out 1099-misc for the permanent fund dividend for each of kids i am claiming ? or put full amount on my 1099-misc for all of us?

  • June 1, 2019
  • 2 replies
  • 26 views
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2 replies

Hal_Al
Level 15
Level 15
June 1, 2019

Be sure to click on the link  What if my child received the Alaska Permanent Fund Dividend? in the other answer.

You can report the children's PFD on your return. But, enter the 1099s separately*, don't add the the 1099s together or you will be taxed at your rate. Turbo tax needs to complete form 8814 so that the children's income is taxed at their rate (about $10 each in tax).

*If the child's only income is from interest and dividends, Alaska PFD or capital gains distributions shown on a 1099-DIV, there is a provision for entering it on your return, using form 8814. 

Enter at Less common income / Child's income.

MichaelL1
Level 15
June 1, 2019

See following and report only yours and your spouses on the joint return.  Not the children's PFD.

(great to get as I used to live up there also and was able to save the money for kids college)  

https://ttlc.intuit.com/replies/4000868