I have a 1099-INT from cashing in Series EE bonds for my 16yr old to purchase a car. She also started working, however earned less than $300.00 Do I pay the interest as custodian or does she?

[AmyW · Accepted solution]

If that is the only income your child had in 2016 and it less than $1050, it doesn't need to be reported anywhere.

However, if your child had more unearned income than $1050, but less than $10,500, then you have a choice to either report it on your child's tax return or your own tax return. To report it on your own tax return do a Search (top right corner) for "8814". Then click on "Jump to 8814" and enter the information from Form 1099-INT.

Read more about it here: https://turbotax.intuit.com/tax-tools/tax-tips/IRS-Tax-Return/Tax-Filing-Requirements-for-Children/I...