I am claiming my 4 year old son as a dependent. He recieved interest from his bank account in the amount of $15, do I need to claim that amount on my taxes?
2007-01-25 05:10:35 · 5 answers · asked by Wondering???? 1 in Business & Finance ➔ Taxes ➔ United States
If your Social Security number is the one on the bank account, include the $15 on your return. If your child's Social Security number is the one on the bank account, it is your child's income. Unless he has $800 of interest, he does not owe tax and does not file a return.
2007-01-25 05:28:24 · answer #1 · answered by ninasgramma 7 · 1⤊ 0⤋
As a practical issue, a sum of $15 isn't likely to get you into any kind of trouble in any case. If you stilll want to get technical on this, question is whether your son has a SSN. Looks like he must have it (in order to have a bank account and a 1099 form in his name). If he does have a SSN, then he must file a tax return, and claim himslef as a dependent, and include the $15 as his income.
2007-01-25 13:16:18 · answer #2 · answered by stopwar11112 3 · 0⤊ 0⤋
I have 2 children & have never claimed the interest they have earned on their bank accounts, but your CPA could give you a deffineite answer! Good Luck
2007-01-25 13:14:49 · answer #3 · answered by Heather 3 · 0⤊ 0⤋
I have never claimed the interest my children received for their savings account. I think your ok since it's not a large amount. But you want to google it.
2007-01-25 13:17:13 · answer #4 · answered by With My Forever 2 · 0⤊ 0⤋
No. He is entitled to interest earned up to a certain amount. It was $800 several years ago, and I am sure it has gone up. If he exceeded that amount, which he didn't, you would need to file a return for him.
2007-01-25 13:29:47 · answer #5 · answered by J.R. 6 · 1⤊ 0⤋