1099-div for minor

robot9998 — Thu, 06 Jun 2019 08:14:59 GMT

I established a small investment account for my 15 year old son last year under his SSN. now we get $33.33 1099-div form.
do I need to include that in my tax return? Or we just ignore it because he doesn't have any other income?

If the dividend income is the child's only source of inco...

MichaelMc — Thu, 06 Jun 2019 08:15:02 GMT

If the dividend income is the child's only source of income, there is no filing requirement. The general rule is stated below:

Your dependent must file their own federal tax return if any of the following are true:

Unearned income was over $1,050.
Earned income was over $12,000.
Gross income was more than the larger of—

$1,050, or
Earned income (up to $11,650) plus $350.

If none of the above apply, your dependent may file a tax return to claim a refund of any federal tax withheld.

Additionally, if your dependent has net earnings from self-employment of $400 or more, they will be liable for FICA self-employment tax at a rate of 15.3%.

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1099-div for minor

If the dividend income is the child's only source of inco...