2007-02-24 11:56:37 · 5 answers · asked by amunner 1 in Business & Finance ➔ Taxes ➔ United States
You don't need to do anything with it. It's the child's income and since it's less than $850 there is no return requried. Do not add it to your income.
2007-02-24 13:02:05 · answer #1 · answered by Bostonian In MO 7 · 2⤊ 0⤋
The child is not required to file, and you are not required to put this income on your return. No tax is due on the interest.
A child with only interest income would be required to file if the interest income were greater than $750.
2007-02-24 20:09:37 · answer #2 · answered by ninasgramma 7 · 2⤊ 1⤋
If the bank isn't putting a witholding tax on the interest, you should be fine just ignoring it. The income isn't high enough that you'd need to file, otherwise it'd probably be about 28% of the interest.
2007-02-24 20:00:54 · answer #3 · answered by Anonymous · 0⤊ 1⤋
You need not to put it as your income. Try this site this file your tax according to the information you provide and make you earn some deductions. bye
2007-02-24 23:53:14 · answer #4 · answered by Allan H 1 · 0⤊ 1⤋
You don't have to do anything with it. It's way below the limits where the child would have to file, or you'd have to file it for "kiddie tax".
2007-02-24 20:27:19 · answer #5 · answered by Judy 7 · 0⤊ 0⤋