topic Children's CD earned interest in Get your taxes done using TurboTax

Children's CD earned interest

bachkerr3 — Tue, 04 Jun 2019 20:40:04 GMT

We have a 10, 8 and 6 year old that earned interest on a CD each totalling 209.69 - do I report this - do they file a tax return?

No, you will not have to report that amount of unearned i...

SeanE1 — Tue, 04 Jun 2019 20:40:05 GMT

No, you will not have to report that amount of unearned income because it is not over the IRS threshold of $1,050. I have included a Link to an article that discusses children's earned and unearned income and when a tax return is required:

https://turbotax.intuit.com/tax-tools/tax-tips/IRS-Tax-Return/Tax-Filing-Requirements-for-Children/I...

Thank you!

bachkerr3 — Tue, 04 Jun 2019 20:40:06 GMT

Thank you!

You're very welcome!

SeanE1 — Tue, 04 Jun 2019 20:40:08 GMT

You're very welcome!