How do I file?

Forum|Forum|4 years ago
March 9, 2022
1 reply
2 views

My son is 19 years old and has never had a job. In 2021 he earned interest income from a court case he won, and has a 1099-INT form. The interest amount is $1,423. I claim him as a dependent on my taxes.

What does he need to do regarding paying taxes for this interest income?

AmyC

Level 15

If certain conditions apply, you can elect to include on your return the income of a child who was under age 19 at the end of 2021 or was a full-time student under age 24 at the end of 2021. To do so, use Form 8814. If you make this election, your child doesn't have to file a return. For details, use Tax Topic 553 or see Form 8814. See Do I need to report my child's 1099-INT on my return?

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jmkosiorekAuthor

Level 2

Wouldn't I pay more taxes on my childs interest income, than he would, if I include it on my taxes?

AmyC

Level 15

You do not have to file it. It is just often easier; but, at 19, he can certainly file his own return. We have a free version that he may qualify to use. See TurboTax Free Edition

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