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How to target the parent div from child div?

Do I put 1099-DIV on my tax return or my child's tax return?

  • We have about 30-40k agi and my son, 7-5K agi He has received $44 in dividends from pepsico stock from a custodial account and received a 1099-DIV with the title "Parent ...show more

  • Answer:

    If his only unearned income is $44 in dividends and the rest of his income is from wages, he should file the dividends on his own return. It will make very little difference on the actual taxes he pays (just a couple of $$).

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"Update 1: Maybe I'm asking if I can include the $44 on my tax return even though he does his own return. " NO, if he files his own return due to wages, then ALL income must be reported on his return. You Can Not Split it up. IF the Investment Income was his ONLY income, then you could "elect" to report it on your return; this is known as "Kiddie Tax". It is only allowed if the child only has Unearned Income up to a certain amount.

Fred

Whoevers social is on it should claim it.

Cathi K

No, it goes on his return.

Judy

If 1099 is in child's name, child's return. He'll pay only a few dollars at most if he only made $7K max.

Pascal the Gambler

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