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You probably need to file a separate return for your son. Since you mention being named as parent, I assume the annuity was titled similarly to "John Doe, parent, for Johnny Doe, a minor, under the Uniform Transfers to Minors Act" and has his Social Security number. If this is correct, and you are not in any way a co-owner, but simply a guardian/custodian, then the income cannot be reported on your tax return.
Under these circumstances, if your child is being claimed as your dependent, he must file a return if any of the following apply:
If your child is not being claimed by you or anyone else as a dependent, he must file a federal tax return if his gross income is at least $10,350 for 2016.
You probably need to file a separate return for your son. Since you mention being named as parent, I assume the annuity was titled similarly to "John Doe, parent, for Johnny Doe, a minor, under the Uniform Transfers to Minors Act" and has his Social Security number. If this is correct, and you are not in any way a co-owner, but simply a guardian/custodian, then the income cannot be reported on your tax return.
Under these circumstances, if your child is being claimed as your dependent, he must file a return if any of the following apply:
If your child is not being claimed by you or anyone else as a dependent, he must file a federal tax return if his gross income is at least $10,350 for 2016.
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