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posted Jun 1, 2019 12:01:43 AM

I received 1099-INT for my kids savings accounts. How do I show this?

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1 Best answer
Expert Alumni
Jun 1, 2019 12:01:44 AM

How you report the 1099-INT depends on the amount of interest reported.  

If your child's only income is unearned income not exceeding $1050, it doesn't need to be reported at all- on either yours or your child's income tax return. 

If your child's unearned income is $10,500 or more, s/he will need to file their own return.

If your child's unearned income is between $1,050 and $10,500 can be reported either on your return or your child's. Here's data entry in TurboTax:

  1. Federal Taxes
  2. Wages & Income
  3. Scroll down to Less common income, select Child's income (under age 24) and follow the prompts

1 Replies
Expert Alumni
Jun 1, 2019 12:01:44 AM

How you report the 1099-INT depends on the amount of interest reported.  

If your child's only income is unearned income not exceeding $1050, it doesn't need to be reported at all- on either yours or your child's income tax return. 

If your child's unearned income is $10,500 or more, s/he will need to file their own return.

If your child's unearned income is between $1,050 and $10,500 can be reported either on your return or your child's. Here's data entry in TurboTax:

  1. Federal Taxes
  2. Wages & Income
  3. Scroll down to Less common income, select Child's income (under age 24) and follow the prompts