Tax form for prize winnings of $2000 by dependent minor

[mp2023_1]

Hello

In 2022, my son (aged 15 at that time ) won $2000  as a prize in a chess tournament.

He is a full-time high school student and has no other income. He's my dependent. 

 What form does my son have to use to declare this income?  Or is this declared in my income tax returns as "income of dependent child"? 

If I'm using Turbo Tax to file my returns, can this be included electronically or will he need to fill our  a paper form?

Thank you so much for your help

mp2023

[KochuK]

Hi mp2023_1,

Congrats on your dependent child winning the prize $2,000 on a chess tournament. The prize winning is considered ordinary income (not unearned income.)

Since his is a Single dependent, based on Table 2,  2022 Filing Requirements for Dependents:

Quote

You must file a return if any of the following apply.
1. Your unearned income was more than $2,900 ($4,650 if 65 or older and blind).
2. Your earned income was more than $14,700 ($16,450 if 65 or older and blind).
3. Your gross income was more than the larger of:
a. $2,900 ($4,650 if 65 or older and blind), or
b. Your earned income (up to $12,550) plus $2,150 ($3,900 if 65 or older and blind)

Unquote

Page 4 of IRS Pub 501, Dependents, Standard Deduction, and Filing Information

https://www.irs.gov/pub/irs-pdf/p501.pdf 

$2,000 is under all thresholds. Therefore, your dependent son has no filing requirement, and you do not need to report the income on your tax return neither.

Hope the above helps. Thank you.

Kochu Kitty

[mp2023_1]

Thank you so much, KochuK!

[Opus 17]

The only time you are allowed to include a child’s income on a parent’s tax return is if that income is interest and dividends from investments in the child’s name. If the child has any other income, then all the child’s income must be reported on a tax return in the child’s name.

however, in this particular case, as long as the child has no other income, the child is not required to file a tax return for this income. You do have the option of preparing a tax return in TurboTax, which is “free to start“, and the program should tell you that no tax is owed and no return needs to be filed. 

[KochuK]

Correction on posting IRS table 2 of pub 501, page 4.

You must file a return if any of the following apply.
1. Your unearned income was more than $1,150.
2. Your earned income was more than $12,950.
3. Your gross income was more than the larger of:
a. $1,150, or
b. Your earned income (up to $12,550) plus $400.

Your son still have no filing requirement:

1.  No unearned income;

2.  Earned income is no more than $12,950;

3. Earned income is less than $2,400.

Thank you.