Hello, my question is:
If I issue my child (7 year old) on a 1099-A will this affect the other parents ability to claim the child as a dependant ?
If yes, then I would think twice before proceeding with the 1099-A.
Thank you in advance for helping me to understand.
Do you mean a 1099NEC? A 1 099A is for Acquisition or Abandonment of Secured Property.
No that won't affect someone from claiming them as a dependent. But they may have to file a return. Be sure on the child's return they check the box that says they can be claimed on someone else’s return.
Filing requirements for a dependent
https://ttlc.intuit.com/community/children-dependents/help/do-i-need-to-file-my-own-taxes-if-i-m-a-dependent/00/26111
I double checked and yes, it's a 1099-A.
Acquisition or abandonment of secured property is correct.
It sounds like ide claim my child as my property if went and filled out this form ?
But I wouldn't want it to affect the other parent if so.
Has anyone here issued 1096 and 1099-A on a person ?
More info on this matter would help.
Thank you. Bless you.
As others have said, you do not file a 1099-A to claim a dependent on your 1040. We don't know what you are doing. Assuming you are using online Turbotax Home and Business you should be creating a 1099-NEC for the comp paid to him (which may be improper since the child might more properly be an employee in which case a w-2 should be completed but that would also complicate matters). regardless you are filing that form late so expect a notice from the IRS. Also you report his income on his return not yours. so you need another online account to do his return and e is required to file for 2023. yuo can use the same e-mail address for both.
the way to add a dependent to your return in Turbotax is to go to th personal info tab. go doen to dependents and then click edit.
latter in the personal info section make sure you're using the correct filing status.