Filing with only 4700 in capital gains?

[kk90]

Hello,

Does my son whose only income was $4700 in capital gains (only $9 of that in short-term, the rest long-term) have to file taxes?

Will he have to pay capital gains tax with a total income of only $4700?

[MindyB]

Yes, children or full-time college students with unearned income of greater than $1,300 need to file a return, because of "kiddie tax."

Typically, the first $1,300 worth of a child's unearned income isn't taxed, the next $1,300 is taxed at the child's rate, and anything above $2,600 is taxed at the parent's rate. This is calculated on Form 8615.

See: What is IRS Form 8615: Tax for Certain Children Who Have Unearned Income for more information.