You'll need to sign in or create an account to connect with an expert.
Q Do I add her Interest Income to mine?
A. If the amount is less than $1300, it does not need to be reported at all.
If more than $1300, yes , but not exactly. You do not add her interest to yours. Instead you make a separate entry for her income.
If her only income is from interest and dividends, Alaska PFD or capital gains distributions shown on a 1099-DIV, there is a provision for entering it on your return, using form 8814. Enter at Less common income / Child's income.
About dependent's income (in general):
You do not normally report his/her income on your return (see exception above). If it has to be reported, at all, it goes on his own return. 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 2024 if he had any of the following:
Even if he had less, he is allowed to file if he needs to get back income tax withholding. He cannot get back social security or Medicare tax withholding.
In TurboTax, he indicates that somebody else can claim him as a dependent, at the personal information section.
Q Do I add her Interest Income to mine?
A. If the amount is less than $1300, it does not need to be reported at all.
If more than $1300, yes , but not exactly. You do not add her interest to yours. Instead you make a separate entry for her income.
If her only income is from interest and dividends, Alaska PFD or capital gains distributions shown on a 1099-DIV, there is a provision for entering it on your return, using form 8814. Enter at Less common income / Child's income.
About dependent's income (in general):
You do not normally report his/her income on your return (see exception above). If it has to be reported, at all, it goes on his own return. 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 2024 if he had any of the following:
Even if he had less, he is allowed to file if he needs to get back income tax withholding. He cannot get back social security or Medicare tax withholding.
In TurboTax, he indicates that somebody else can claim him as a dependent, at the personal information section.
Thank you so much for that detailed and helpful info.
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
dustymcarter
New Member
Drflexy2004
New Member
ele_25
Level 1
floriatax
Returning Member
jewlz67
New Member