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Level 2
posted Jan 26, 2022 9:11:40 AM

What is proper way to included taxable interest of one of the accounts listed is actually owned by my daughter?

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1 Best answer
Expert Alumni
Jan 26, 2022 9:39:35 AM

In most cases, there is no need to report interest income that is reported in a child's SSN on 1099-INT. If the amount is under $1,100 for unearned income and that was their only source of income, it doesn't need to be reported on any tax return.

 

Here is a TurboTax help article with more information  on Reporting Interest for a Child if the unearned income from interest, dividends and capital gains is over $1,100.

1 Replies
Expert Alumni
Jan 26, 2022 9:39:35 AM

In most cases, there is no need to report interest income that is reported in a child's SSN on 1099-INT. If the amount is under $1,100 for unearned income and that was their only source of income, it doesn't need to be reported on any tax return.

 

Here is a TurboTax help article with more information  on Reporting Interest for a Child if the unearned income from interest, dividends and capital gains is over $1,100.