1099-misc for minors

dannisaurrawr — Sat, 01 Jun 2019 02:08:01 GMT

How do I add a 1099-misc for dependents under my tax return so I don't have to file for them seperately? (ALASKA Permanent Fund Dividend)

The 2016 Alaska PFD is below the filing threshold for a d...

rjs — Sat, 01 Jun 2019 02:08:03 GMT

The 2016 Alaska PFD is below the filing threshold for a dependent. So if the PFD is the dependent's only income, the dependent does not have to file a tax return, and his or her PFD does not have to be reported at all.

If the dependent has other income besides interest, dividends, capital gain distributions, and the Alaska PFD, and is required to file a return, you cannot report the dependent's income on your tax return. He has to file his own tax return.

If a dependent who is your child has more than $1,050 of income consisting only of interest, dividends, capital gain distributions, and the Alaska PFD, he is required to file, but you could include his income on your tax return provided that a number of other conditions are met. However, the only advantage of reporting the child's income on the parent's return is that it's less paperwork. It will not save any tax, and in many cases you could end up paying more tax overall than if you file a separate return for the child. Publication 17 has a long list of reasons that reporting the income on the parent's return could result in paying more tax. See "Effect of Making the Election" on page 210. So the safest course is to file a separate return for the child. You will probably be better off that way, and certainly no worse off.

If you use TurboTax Online you can use the Free Edition for the child's return. You need a separate user ID for each return. If you use the CD or download TurboTax software, there is no extra charge to prepare additional returns.

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1099-misc for minors

The 2016 Alaska PFD is below the filing threshold for a d...