1099-div for minor

Forum|Forum|7 years ago
June 6, 2019
1 reply
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I established a small investment account for my 15 year old son last year under his SSN. now we get $33.33 1099-div form.
do I need to include that in my tax return? Or we just ignore it because he doesn't have any other income?

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Best answer by

If the dividend income is the child's only source of income, there is no filing requirement. The general rule is stated below:

Your dependent must file their own federal tax return if any of the following are true:

Unearned income was over $1,050.
Earned income was over $12,000.
Gross income was more than the larger of—

$1,050, or
Earned income (up to $11,650) plus $350.

If none of the above apply, your dependent may file a tax return to claim a refund of any federal tax withheld.

Additionally, if your dependent has net earnings from self-employment of $400 or more, they will be liable for FICA self-employment tax at a rate of 15.3%.

Anonymous

Answer

If the dividend income is the child's only source of income, there is no filing requirement. The general rule is stated below:

Your dependent must file their own federal tax return if any of the following are true:

Unearned income was over $1,050.
Earned income was over $12,000.
Gross income was more than the larger of—

$1,050, or
Earned income (up to $11,650) plus $350.

If none of the above apply, your dependent may file a tax return to claim a refund of any federal tax withheld.

Additionally, if your dependent has net earnings from self-employment of $400 or more, they will be liable for FICA self-employment tax at a rate of 15.3%.