Do You Need To Report Your Child’s 1099-INT On My 2020 Return?

In certain situations, it may be easier and less expensive to include dependents’ income on your tax return rather than have them file their own return. 

IRS rules are based on both the amount and type of the dependent’s income.

 

Do Not Report Your Child’s 1099-INT On Your  2020 Return Until You Have Read This Guide

1. If your dependent child made less than $1,100 in interest, dividends, and capital gains distributions combined, and that was their sole source of income, the child’s income doesn’t need to be reported on any tax return.
2. If the child’s income is $12,400 or more, it must be on the child’s tax return. It can’t be included on the parents’ tax return.

To ensure that you are on top of the information, Visit  our office today to speak with a Generational Wealth Specialist .