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Level 2

Question

Kiddie Tax and Process

Forum|Forum|5 years ago
February 9, 2021
1 reply
0 views

My son has unearned income of $1,125, does I need to file a return for him? Should be a day if he has unearned income exceeding $2000, what are my obligations? Do i file a return under his social or report it under my return? If I have to report it under my report, how do that using turbo tax when i input my info under wages and income?

Level 15

Yes, your son will need to file his own 2020 tax return if:

Your earned income (money you made by working) exceeds $12,400
Your unearned income (interest, dividends, capital gains, etc.) exceeds $1,100
Your business or self-employment net income (gross minus expenses) is at least $400
Your gross income (earned plus unearned) exceeds the larger of $1,100 or your earned income (up to $12,050) plus $350

Please make sure that his return is marked that he can be claimed as a dependent.

Please see What is the 2020 Kiddie Tax? and How do I report and pay the Kiddie Tax on my 2020 return? for when his unearned income exceeds $2,200.

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Level 2

DanaB27

Thanks for responding to my inquiry. Just to reconfirm that we are on the same page.

1) Its my understanding if my son has unearned income of less than $2,200--a income tax filing is not required -correct?

2) When my son does have unearned income more than $2200, then he would need to file an income tax return -correct

Level 15

No, your son will have to file a tax return for 2020 because his unearned income was over $1,100, you stated it was $1,125.

But the Kiddie Tax won't apply until his unearned income exceeds $2,200.

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