You can elect to claim your son's income on your own tax return if his interest income is less than $10,500, he made no estimated tax payments during the year, and he had no income tax withheld at the source, parents can generally elect to claim his investment income on their own return.
Please follow the directions below to enter your son's 1099-INT in TurboTax:
If the “jump to” is not working, click on the following tabs:
For my 11yr old daughter who has a 1099-INT of $189, the "Learn More" notes under "Wages & Income", "Interest and Dividends", "Interest on 1099-INT" are telling me not to input her 1099-INT here.
But under "Wages & Income", "Less Common Income", "Child's Income" it's telling me I need to file a separate tax return for my 11yr old daughter who has a 1099-INT for $189. Is this correct, or is there somewhere I can input this on my return? Thanks
For your 11 year old dependent daughter, you do not need to put her investment income on your tax return, and she does not need to file a tax return for only $189 of interest income.
Only when your child's unearned (e.g., interest or investment) income exceeds $1,100 does she need to either file a separate tax return or report the income on your tax return using Form 8814.