Question

Two children have 1099-INT with less that $1250 each. Do I need to report this anywhere?

Forum|Forum|2 years ago
March 6, 2024
1 reply
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Hi,

Just had a quick question. I have 2 children, both with a 1099-INT from a savings account (with their own SSN) and selling of government I-bonds under a minors account under my SSN. Each total less than $1,250 each. They also each have a 1099-DIV with less than $10 gained. Do I have to report this anywhere on Turbotax?

Also, for the 1099-INT they received from their government issued I-bonds, does their interest income have to be reported under my SSN since they were minors under my account on Treasurydirect.gov?

Thank you for any help!

D

DianeW777

No, they are not required to file a tax return based on the interest income, dividends and/or sales that equal less than $1,250. No it is not required to be included on your tax return.

You can decide to report the interest on your return if they are required to file and you prefer they do not file their own return.

Form 8814 Instructions

Dependents:

You must file a return if any of the following apply.

Your unearned income was more than $1,250.
Your earned income was more than $13,850.
Your gross income was more than the larger of:
1. $1,250, or
2. Your earned income (up to $13,450) plus $400.

@dhuynh44

[Edited: 03/j06/2024 | 12:47 PM PST\

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