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My 18 y/o has a part time job, and also has interest income from a CD (over $1,100) for 2020. The CD was in both her name and ours. Should she claim the interest?

 
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3 Replies

My 18 y/o has a part time job, and also has interest income from a CD (over $1,100) for 2020. The CD was in both her name and ours. Should she claim the interest?

If her part of interest income is over $1,100, she is required  to file her own return and report this income as well as her income form part-time job. You still can claim her as your dependent other requirements are met.

My 18 y/o has a part time job, and also has interest income from a CD (over $1,100) for 2020. The CD was in both her name and ours. Should she claim the interest?

Thank you!

My 18 y/o has a part time job, and also has interest income from a CD (over $1,100) for 2020. The CD was in both her name and ours. Should she claim the interest?

It’s not the interest amount on the CD that counts, it is the fact that she also has income earned from working. Because she has income earned from working, and that must always be reported on her own tax return, you lose the option to report the interest income on a parent’s return, and everything gets reported on her return.

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