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April 24, 2022
Question

How to file for children, I have two to file for?

  • April 24, 2022
  • 1 reply
  • 0 views
They received Alaskan PFD's for $1114, which means they owe.

1 reply

Hal_Al
Employee
April 24, 2022

If your child's 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. Enter at Less common income / Child's income.

 

In TurboTax (TT), enter at:
- Federal Taxes tab (Personal in  Home & Business)

 - Wages & Income

Scroll down to:

-Less Common Income

     - Child’s Income

 

Notes to others reading this:

If their total income is less than $1100, each, their income does  not need to be filed. 

Sometimes, it may be best for the child to file a separate return, as qualified dividends and capital gain distributions could be taxed at a higher rate on the parent's return.