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Maybe. It depends on the amount of interest and whether the child was ordinarily have to file a return.
If the child's unearned income (like interest and dividends is $1,100 or less the child does not have to file a return to report the interest. You do not have to include it on your return. If the child's unearned income (like interest and dividends) is greater than $1,100 they would ordinarily need to file a return.
You, as a parent, can elect to report your child's interest income on your return so that the child does not have to file their own return.This is done using Form 8814.
You can make this election if your child meets all of the following conditions.
However, depending on your tax bracket, it may be more beneficial to have your child file their own return. Be sure on the child's return to check the boxes:
This is very important because you want to claim them on your return
While they wouldn't get an exemption (because you are claiming them as a dependent), they would probably receive a standard deduction of $1,100 to reduce the taxable amount.
If you choose to prepare a return for your child, your TurboTax Online login is only good for 1 return. But you can use the same email address for 5 accounts. Please see this FAQ to start a second return.
[Edited | 4/15/2020 | 5:16pm PDT]
Maybe. It depends on the amount of interest and whether the child was ordinarily have to file a return.
If the child's unearned income (like interest and dividends is $1,100 or less the child does not have to file a return to report the interest. You do not have to include it on your return. If the child's unearned income (like interest and dividends) is greater than $1,100 they would ordinarily need to file a return.
You, as a parent, can elect to report your child's interest income on your return so that the child does not have to file their own return.This is done using Form 8814.
You can make this election if your child meets all of the following conditions.
However, depending on your tax bracket, it may be more beneficial to have your child file their own return. Be sure on the child's return to check the boxes:
This is very important because you want to claim them on your return
While they wouldn't get an exemption (because you are claiming them as a dependent), they would probably receive a standard deduction of $1,100 to reduce the taxable amount.
If you choose to prepare a return for your child, your TurboTax Online login is only good for 1 return. But you can use the same email address for 5 accounts. Please see this FAQ to start a second return.
[Edited | 4/15/2020 | 5:16pm PDT]
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