How you report your child's investment income depends on how much they've made. A person is considered your child if they're a dependent under the age of 19 (24 if a full-time student) as of December 31, 2023.
- If your child's only income is unearned and doesn't exceed $1,250, it doesn't need to be reported.
- If your child's unearned income is between $1,250 and $13,850, they may need to file their own return, but in certain situations, this income can be included on your return.
- If your child's unearned income is $13,850 or more, they need to file their own return.
Use TurboTax to help you figure out how to best report this income:
- Open or continue your return.
- Search for child income and select the Jump to link.
- Answer Yes to both Any Child's Income? and Child Required to File?
- Select Continue on the Reporting Your Child's Income screen.
- We'll ask you a series of questions to determine if the income can be included on your return or if your child needs to file their own return.