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foxbearantelope
April 2, 2020
Question

Should I include interest income earned from my grandchildren's savings account? I am the guardian.

  • April 2, 2020
  • 1 reply
  • 0 views
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1 reply

J
JulieS
April 2, 2020

That depends on the amount of interest income they received for the year.

 

If the amount of interest per child is less than $1050, you don't have to report it or file a return for them. 

 

If the amount is more than $1050 per child, you have to file a return for them or include it on your tax return. You can only chose to include it on your return if the amount is less than $11,000.

 

Click here for more information.

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