Received 1099-Div for each of my 3 children. Do I need to file on my Taxes and How do I do this since I cannot select my children from the drop down list

[SharonD007 · Accepted solution]

It depends. If the 1099-DIV’s for your children are the only income that they received in 2022 and it was less than $1,150 in investment income (interest, dividends, and capital gains) for each child, then you are not required to report this income. If they are under 19 (24 if a full time student) you may choose to report this income on your tax return but it’s optional. If the investment income is greater than $1,150, you must file a separate tax return for your child, and it cannot be included on your tax return.

If you decide to include your children’s investment income on your tax return, you must include Form 8814 – Parent’s Election to Report Child’s Interest and Dividends on your tax return.

1. Launch TurboTax and select Wages and Income
2. Scroll down to Less Common Income and select Child’s Income (Under Age 24)
3. Answer the interview questions

For additional information, please review the TurboTax articles Tax Filing Requirements for Children and also Should I Include a Dependent's Income on My Tax Return?  If you are considering including your child’s income on your tax return, please review the TurboTax article What is IRS Form 8615: Tax for Certain Children Who Have Unearned Income.

[Opus 17]

If a child's only income is interest and dividends, the parents can choose to report it on the parents' return, in the "uncommon income" section.

However, if the child has any other income (capital gains, wages, prizes, etc.) then all the child's income must be reported on a separate return in the child's name.  If you are using Turbotax online, you would have to log out as yourself and then create a new account for your child's return with a different user name and password (it can be linked to the same e-mail address).