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April 9, 2024
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Does Son Have To File A Return For 1099-MISC Gambling Winnings Of $1,246?

  • April 9, 2024
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We have a dependent 20-year-old son who is a full-time student living at home. He received a 2023 1099-MISC with $1,246 in Box 3 - Other income for online sports picks he made. Nothing was withheld for Federal or GA state income tax. He has no other income.

 

When I fill out the IRS.gov questionnaire, "Do I need to file a tax return?" it says he is not required to file a tax return because his income does not equal or exceed $1,250...I also found that he is only required to file a GA return if he is required to file a Federal return.

 

I want to make sure I'm interpreting this correctly. If Box 3 had $1,250 or more, he would have to file both Federal and GA returns. But since it's below that threshold, he doesn't have to file either. Does that sound right?

 

(Technically, sports gambling is not legal in GA. So it's "Other income" instead of Gambling Winnings.)

Best answer by JohnB5677

He does not have to file a tax return.

The filing threshold for unearned income, like interest your child earns from a savings account, is $1,250 for 2023. 

 

For additional information see:   How Much Do You Have to Make to File Taxes?  

in the section What about other dependents?

Please contact us again with any additional questions or to provide some additional details.

1 reply

JohnB5677
JohnB5677Answer
April 9, 2024

He does not have to file a tax return.

The filing threshold for unearned income, like interest your child earns from a savings account, is $1,250 for 2023. 

 

For additional information see:   How Much Do You Have to Make to File Taxes?  

in the section What about other dependents?

Please contact us again with any additional questions or to provide some additional details.

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