My minor has earned income (2200) & inv inc fr...
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New Member

My minor has earned income (2200) & inv inc from a custodial account (500). Should we file his own return & include the brokerage? only get $33 back & turbo tax is $99!

 
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Employee Tax Expert

My minor has earned income (2200) & inv inc from a custodial account (500). Should we file his own return & include the brokerage? only get $33 back & turbo tax is $99!

Yes. You dependent should file a return because his Unearned income is over $350 AND gross income of more than $1100

 

Edited [03/26/2020, (10:33 AM  PST)]

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New Member

My minor has earned income (2200) & inv inc from a custodial account (500). Should we file his own return & include the brokerage? only get $33 back & turbo tax is $99!

I don’t think that is correct. As noted his unearned  income from his custodial brokerage is $500! 

 

The 2200 is Earned income from a w-2. 

Employee Tax Expert

My minor has earned income (2200) & inv inc from a custodial account (500). Should we file his own return & include the brokerage? only get $33 back & turbo tax is $99!

The earned income of $2,200 is part of the gross income.  Since he meets the criteria of having both more than $350 in unearned income and total gross income, which includes the earned income, of more than $1,100, a return is required to be filed. 

 

Try this link, where he should be able to file the return for free: FreeFile delivered by Intuit TurboTax.

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New Member

My minor has earned income (2200) & inv inc from a custodial account (500). Should we file his own return & include the brokerage? only get $33 back & turbo tax is $99!

Why do all the websites I google say the minimum for a single status filer is income of $12,200? He only made 2k. I’m so confused why he’s required to file! 

Employee Tax Expert

My minor has earned income (2200) & inv inc from a custodial account (500). Should we file his own return & include the brokerage? only get $33 back & turbo tax is $99!

Your minor is not a single status filer. Your minor is filing as being claimed by another. Huge difference there. Please visit the IRS and take a short, anonymous, online quiz to verify your questions and answers. Scroll to the bottom and click Begin at Do I Need to File a Tax Return?  For a full list of quizzes available, see IRS ITA.

 

@user76052

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