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June 4, 2019
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Misc income less than $1050

  • June 4, 2019
  • 1 reply
  • 21 views
My 16 yr old son earned $2000 at a summer job, and received the alaska permanent fund dividend (1099-misc) for $1022.  Does he need to report the permanent fund since it's less than $1050, or should he just report his earned income?
Best answer by Hal_Al

Yes, see #3 below.

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 2016 if he had any of the following:

1.         Total income (wages, salaries, taxable scholarship etc.) of more than $6,300 (2016).

2.         Unearned income (interest, dividends, capital gains) of more than $1050 (2016).

3.         Unearned income over $350 and gross income of more than $1050

4.         Household employee income (e.g. baby sitting, lawn mowing) over $2000 ($6300 if under age 18)

5.         Other self employment income over $400, including box 7 of a 1099-MISC

Once you meet the filing requirement, ALL income must be reported.

1 reply

Hal_Al
Level 15
Hal_AlLevel 15Answer
Level 15
June 4, 2019

Yes, see #3 below.

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 2016 if he had any of the following:

1.         Total income (wages, salaries, taxable scholarship etc.) of more than $6,300 (2016).

2.         Unearned income (interest, dividends, capital gains) of more than $1050 (2016).

3.         Unearned income over $350 and gross income of more than $1050

4.         Household employee income (e.g. baby sitting, lawn mowing) over $2000 ($6300 if under age 18)

5.         Other self employment income over $400, including box 7 of a 1099-MISC

Once you meet the filing requirement, ALL income must be reported.