How you report your child's investment income depends on how much they've made. A person is considered your child if they're a dependent under the age of 19 (24 if a full-time student) as of December 31, 2022.
- If your child's only income is unearned and doesn't exceed $1,150, it doesn't need to be reported
- If your child's unearned income is between $1,150 and $12,950, they may need to file their own return, but in certain situations, this income can be included on your return
- If your child's unearned income is $12,950 or more, they need to file their own return
Use TurboTax to help you figure out how to best report this income:
- Open or continue your return
- Search for child income and select the Jump to link
- Answer Yes to both Any Child's Income? and Child Required to File?
- Select Continue on the Reporting Your Child's Income screen
- We'll ask you a series of questions to determine if the income can be included on your return or if your child needs to file their own return