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bachkerr3
Level 2
Jun 4, 2019 8:40 PM UTC
Solved

Children's CD earned interest

We have a 10, 8 and 6 year old that earned interest on a CD each totalling 209.69 - do I report this - do they file a tax return?
Answer
Jun 4, 2019 8:40 PM UTC

No, you will not have to report that amount of unearned income because it is not over the IRS threshold of $1,050.  I have included a Link to an article that discusses children's earned and unearned income and when a tax return is required:

https://turbotax.intuit.com/tax-tools/tax-tips/IRS-Tax-Return/Tax-Filing-Requirements-for-Children/I...

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3 replies

Anonymous
Answer
Jun 4, 2019 8:40 PM UTC

No, you will not have to report that amount of unearned income because it is not over the IRS threshold of $1,050.  I have included a Link to an article that discusses children's earned and unearned income and when a tax return is required:

https://turbotax.intuit.com/tax-tools/tax-tips/IRS-Tax-Return/Tax-Filing-Requirements-for-Children/I...

bachkerr3Author
Level 2
Jun 4, 2019 8:40 PM UTC
Thank you!
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