Skip to main content
Level 2
February 20, 2022
Question

Joint investment account with dependent

  • February 20, 2022
  • 4 replies
  • 27 views

If i am a JTWROS on investment account of my dependent son and the unearned income from the account  is less than $1100, do i need pay taxes on it or can this income be treated as "kiddie tax"?  the SSN associated with the account is my son's, he is listed as primary account holder. I claim my son as dependent on my tax return 

4 replies

Mike9241
Level 15
Level 15
February 20, 2022

does he have any other income?

 

Mike9241
julie2009Author
Level 2
February 20, 2022

no

Level 10
February 20, 2022

Did you fund the account? If so, report it on your return.

**Say "Thanks" by clicking the thumb icon in a post. **Mark the post that answers your question by clicking on "Mark as Best Answer"
julie2009Author
Level 2
February 20, 2022

no, it was funded by his chess tournament winnings (covered under "kiddie tax") over the years and birthday presents from relatives (from many years)