1099-INT

[AMC_9]

Received 1099-INT for grandson’s money market. Money market is in his name and social security number and the interest is under $1,050. Do I need to claim interest on my return for 2024?

[SharonD007]

If the 1099-INT for your grandson is the only income that he received in 2024 and it was less than $1,300 in investment income (interest, dividends, and capital gains) then you aren't required to report this income.  If the investment income is greater than $1,300, you must file a separate tax return for your grandson.

Review the TurboTax article Do I need to report my child's 1099-INT on my return? for additional information.

If your grandson's  investment income exceeds $1,300, it should be reported on his parent's tax return unless he's your dependent.