topic 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! in Retirement tax questions

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!

btkiker — Thu, 26 Mar 2020 16:56:11 GMT

Re: My minor has earned income (2200) & inv inc from a custodial account (500). Should we fil...

MayaD — Thu, 26 Mar 2020 17:34:39 GMT

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)]

Re: My minor has earned income (2200) & inv inc from a custodial account (500). Should we fil...

user76052 — Thu, 26 Mar 2020 17:28:18 GMT

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.

Re: My minor has earned income (2200) & inv inc from a custodial account (500). Should we fil...

SusanY1 — Thu, 26 Mar 2020 17:50:42 GMT

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.

Re: My minor has earned income (2200) & inv inc from a custodial account (500). Should we fil...

user76052 — Thu, 26 Mar 2020 19:12:21 GMT

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!

Re: My minor has earned income (2200) & inv inc from a custodial account (500). Should we fil...

AmyC — Thu, 26 Mar 2020 19:22:03 GMT

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

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

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!

Re: My minor has earned income (2200) & inv inc from a custodial account (500). Should we fil...

Re: My minor has earned income (2200) & inv inc from a custodial account (500). Should we fil...

Re: My minor has earned income (2200) & inv inc from a custodial account (500). Should we fil...

Re: My minor has earned income (2200) & inv inc from a custodial account (500). Should we fil...

Re: My minor has earned income (2200) & inv inc from a custodial account (500). Should we fil...

topic 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! in Retirement tax questions