kids savings account

[Skatermom23]

How much in interest is a child (under 17) allowed to earn before they have to file a return or include it on their parents?

 

[swilshire]

If you have the book that came with your tax forms, it would say in the front. I've already filled mine away. You could also get the info at www.irs.gov .

I know one son, who has more money in the bank than I do, didn't have to file. It's a pretty significant amount, but I don't recall the numbers. In fact, one of my other sons didn't need to file based on his interest and income, but they'd taken a few dollars out of his check at his part-time job and we had to file to get a refund.

Sheila

 

[Skatermom23]

Thanks for the response. It looks like they can have up to $850 in unearned income for the year without filing. Course once DS starts working then we will have to file.