turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
turbotax icon
turbotax icon
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

Taxes for Children

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?

Connect with an expert
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

1 Best answer

Accepted Solutions
Opus 17
Level 15
Intuit Approved! This answer has been verified for accuracy by an Intuit expert employee

Taxes for Children

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.

https://www.irs.gov/help/ita/do-i-need-to-file-a-tax-return

View solution in original post

6 Replies

Taxes for Children

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:

  • 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

 

 

 

 

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?

 

 

Carl
Level 15

Taxes for Children

 

.

 

Taxes for Children

Do SE income and unearned income each stand on there own reporting merits unless they jointly exceed the combined threshold?

Taxes for Children

Bingo.

 

Hal_Al
Level 15

Taxes for Children

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:

  1.          Total income (wages, salaries, taxable scholarship etc.) of more than $12,950 (2022).
  2.          Unearned income (interest, dividends, capital gains, unemployment, taxable portion of 529 distribution) of more than $1150 (2022)
  3.          Unearned income over $400 (2022) and gross income of more than $1150 (2022)
  4.          Household employee income (e.g. baby sitting, lawn mowing) over $2300 ($12,950 if under age 18)
  5.          Other self employment income over $432, including money on a form 1099-NEC

 

 

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.

Opus 17
Level 15
Intuit Approved! This answer has been verified for accuracy by an Intuit expert employee

Taxes for Children

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.

https://www.irs.gov/help/ita/do-i-need-to-file-a-tax-return

Use your Intuit Account to sign in to TurboTax.
By selecting Sign in, you agree to our Terms and acknowledge our Privacy Statement.
message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question

Related Content

Manage cookies