My children (all age 17 or younger) each have their own interest bearing bank accounts for which i am jointly listed (i.e., non-custodial). They each receive a 1099-INT from our financial institution. A few of them have done odd jobs to earn spending money. In no case has the earned AND unearned income of each child exceeded $1,000. Does this need to be reported, and if yes, how?
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If the child's only income is interest and dividends, it can be reported on a parent's return. If the child has any income earned from working, then all the child's income must be reported on a tax return in the child's name. This usually does not prevent you from claiming them as dependents.
You can put the child's information into this web site to verify if they need to file.
It depends if the odd jobs was considered earned income or if it was unearned income. If it was earned income then they will have to file if it is $400 or more.
Please see the filing requirements for dependents:
Take a look at the following TurboTax article to see what your income requirement would be:
Do I need to file a Federal return this year?
.
Do SE income and unearned income each stand on there own reporting merits unless they jointly exceed the combined threshold?
Bingo.
You do not report his/her income on your return. If it has to be reported, at all, it goes on his own return. 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 2022 if he had any of the following:
If his only income is from interest 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.
If the child's only income is interest and dividends, it can be reported on a parent's return. If the child has any income earned from working, then all the child's income must be reported on a tax return in the child's name. This usually does not prevent you from claiming them as dependents.
You can put the child's information into this web site to verify if they need to file.
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