1099-Div for Minor Child 2023

If the child's only income is from interest and dividends, and it is more than $2500, then either the child must report it, or you can report it on your tax return.  

If the child has any other type of income, then all the child's income including interest and dividends must be reported on a tax return in the child's name.

https://www.irs.gov/taxtopics/tc553

Depending on his total income, you may be able to include it on your tax return, or he may need to file his own.   If it is more than $1250, he will need to file his own return - but you can do that for him of course.  If it is less than that, you can put it on your return.   

• Tax requirements for dependent children are different from those of other taxpayers.
• A dependent child who has earned more than $13,850 of earned income (tax year 2023) typically needs to file a personal income tax form. Earned income includes wages, tips, salaries, and payment from self-employment. This threshold increases to $14,600 for 2024.
• A dependent child who receives more than $1,250 in investment income in 2023 ($1,300 in 2024) is required to file a tax return. Investment income includes interest and dividend payments.
• If your child’s investment income consists only of interest and dividends, you can use IRS Form 8814 to include it on your own return and combine it with your own income. Doing this may push you into a higher tax bracket and result in higher income tax than if you prepare a separate return for your child.

Dependent's Income

The investment income from the 1099-Div is uner 200.00 and if this was the only source of his income, do I still report it on my taxes, even though its their social security that is on the form?

No, it's not necessary to report it if your child's income consists only of the interest income.

Filing Requirement for a Child with Only Investment Income:

The rules for filing a tax return change when your dependent child receives income from sources other than employment, such as investment income including interest and dividend payments. When the 2023 total of this type of income exceeds $1,250, then a return needs to be filed for your dependent child. This threshold increases to $1,300 for 2024.

If your child has earned income from a job see the link below for details about filing requirements:

• Tax Filing Requirements for Children

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