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My son cashing a savings bond with only his name on it. Will he have to claim it? He has no income and the interest will be @ $8,000.

 
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Hal_Al
Level 15

My son cashing a savings bond with only his name on it. Will he have to claim it? He has no income and the interest will be @ $8,000.

Yes. Furthermore, if he is your dependent and under 24, he will be subject to the “Kiddie tax”. The first $1050 is not taxed; the next $1050 is taxed at the child's marginal rate (usually 10%) and the rest will be taxed at the parent's rate. TurboTax completes form 8615 to do this calculation. When entering your child's info, you'll need to have information from your return handy.

If his only income is from interest (including savings bonds) and dividends, Alaska PFD or capital gains distributions shown on a 1099-DIV, there is a provision for entering it on your return, using form 8814. Enter at Less common income / Child's income.

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8 Replies

My son cashing a savings bond with only his name on it. Will he have to claim it? He has no income and the interest will be @ $8,000.

How old is he?  Will you be claiming him as a dependent?  A dependent has to file for over 6,300 for 2016.  I think it's 6,350 for 2017.

My son cashing a savings bond with only his name on it. Will he have to claim it? He has no income and the interest will be @ $8,000.

If he's a minor and only his name is on it, I'm surprised he could cash it.

My son cashing a savings bond with only his name on it. Will he have to claim it? He has no income and the interest will be @ $8,000.

He is 16. I will be claiming him on my taxes. Will I have to claimthis income?
Hal_Al
Level 15

My son cashing a savings bond with only his name on it. Will he have to claim it? He has no income and the interest will be @ $8,000.

Yes. Furthermore, if he is your dependent and under 24, he will be subject to the “Kiddie tax”. The first $1050 is not taxed; the next $1050 is taxed at the child's marginal rate (usually 10%) and the rest will be taxed at the parent's rate. TurboTax completes form 8615 to do this calculation. When entering your child's info, you'll need to have information from your return handy.

If his only income is from interest (including savings bonds) and dividends, Alaska PFD or capital gains distributions shown on a 1099-DIV, there is a provision for entering it on your return, using form 8814. Enter at Less common income / Child's income.

My son cashing a savings bond with only his name on it. Will he have to claim it? He has no income and the interest will be @ $8,000.

What if the bank issues the 1099-INT to the parent, since child is a minor?
Hal_Al
Level 15

My son cashing a savings bond with only his name on it. Will he have to claim it? He has no income and the interest will be @ $8,000.

If the bond is registered to the kid, the 1099-Int will be in his name.

My son cashing a savings bond with only his name on it. Will he have to claim it? He has no income and the interest will be @ $8,000.

Hal_Al
Level 15

My son cashing a savings bond with only his name on it. Will he have to claim it? He has no income and the interest will be @ $8,000.

That post was about a bond registered to joint owners, the parent and the kid.
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