My child has bank interest of $800 (unearned) in 2022 and I included those interest as part of my overall interest as my income.
Q1: Since this is an unearned income for my child and it is less than $1250. Therefore, my child is not required to file a tax return. Is this right?
Q2: I want to amend my 2022 tax return to remove my child's interest portion from my own. By doing so, we are not reporting my child's unearn income at all. Is this correct to do so?
Thanks in advance!
You'll need to sign in or create an account to connect with an expert.
Q1: Since this is an unearned income for my child and it is less than $1250. Therefore, my child is not required to file a tax return. Is this right?
A1. Yes.
Q2: I want to amend my 2022 tax return to remove my child's interest portion from my own. By doing so, we are not reporting my child's unearned income at all. Is this correct to do so?
A2. Yes. The amount is under the filing threshold.*
It may not be necessary for you to file an amended return, if you entered it in correctly in TurboTax (TT). TurboTax should have calculated $0 tax on the child's interest income. Look to see if TT prepared form 8814 (Parents’ Election To Report Child’s Interest and Dividends). Box 1 on line 16 of form 1040 would be checked.
*If your dependent child is under age 19 (or under 24 if a full time student), he or she must file a tax return for 2023 if he had any of the following:
Q1: Since this is an unearned income for my child and it is less than $1250. Therefore, my child is not required to file a tax return. Is this right?
A1. Yes.
Q2: I want to amend my 2022 tax return to remove my child's interest portion from my own. By doing so, we are not reporting my child's unearned income at all. Is this correct to do so?
A2. Yes. The amount is under the filing threshold.*
It may not be necessary for you to file an amended return, if you entered it in correctly in TurboTax (TT). TurboTax should have calculated $0 tax on the child's interest income. Look to see if TT prepared form 8814 (Parents’ Election To Report Child’s Interest and Dividends). Box 1 on line 16 of form 1040 would be checked.
*If your dependent child is under age 19 (or under 24 if a full time student), he or she must file a tax return for 2023 if he had any of the following:
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
Gamze
Level 3
dolphine1234
Level 2
skal
Level 2
timitty2
New Member
expat23843
New Member
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.