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Kids tax questions

I have two questions regarding kids income: 

1. high school student has capital gain $1450, do I need to include on my tax return?

2. college student under 21 has school intern income $5000, can i include in my return? 

Thanks for helping. 

 

 

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1 Best answer

Accepted Solutions
AnnetteB6
Employee Tax Expert

Kids tax questions

For the high school student, you say there is $1450 of capital gain.  If this is a capital gain distribution then it may be reported on your return.  But, if the capital gain is a result of selling an investment (stock for example) which resulted in a capital gain and you have a Form 1099-B reporting the transaction, then a return should be filed for that child to reconcile the Form 1099-B.  

 

For the college student, the intern income should be reported on their own return.  You cannot include anything other than interest, dividends, or capital gain distributions on your return for one of your dependents.  That being said, if the intern income is reported on a W-2 and no taxes were withheld, then a return may not be required for the amount of income you mentioned.

 

Take a look at the following TurboTax articles to learn more:

 

How do I report my child's investment income?

 

Tax Filing Requirements for Children

 

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1 Reply
AnnetteB6
Employee Tax Expert

Kids tax questions

For the high school student, you say there is $1450 of capital gain.  If this is a capital gain distribution then it may be reported on your return.  But, if the capital gain is a result of selling an investment (stock for example) which resulted in a capital gain and you have a Form 1099-B reporting the transaction, then a return should be filed for that child to reconcile the Form 1099-B.  

 

For the college student, the intern income should be reported on their own return.  You cannot include anything other than interest, dividends, or capital gain distributions on your return for one of your dependents.  That being said, if the intern income is reported on a W-2 and no taxes were withheld, then a return may not be required for the amount of income you mentioned.

 

Take a look at the following TurboTax articles to learn more:

 

How do I report my child's investment income?

 

Tax Filing Requirements for Children

 

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
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