Tax Rules for Children with Investment Income

http://www.foxbusiness.com/personal-finance/2013/03/28/tax-rules-for-children-with-investment-income/

 

If your children are fortunate enough to have investment accounts, they may be required to file a tax return to declare the income they receive – interest, dividends, capital gain distributions and income from a trust. Or if you meet certain requirements, you may elect to declare the child’s income on your income tax return.
If the investment income is less than $9,500 for the year, you may be able to claim the income and pay the tax on your own tax return if the following conditions are met:

1. The dependent must be your child under age 19 or age 24 if a full-time student at the end of the year in question. A child born on Jan. 1 will be considered to have been born on Dec. 31 for this purpose. So if, for example, your child turned 19 on Jan. 1, 2013, she will be considered age 19 as of Dec. 31, 2012.
2. The income must be strictly investment income and not include W2s wages or other forms of earned income.
3. There can’t have been any withholding under the child’s Social Security number.
   
   

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