Returns for young children

Bob · Joined: 28 Jan 2008 Posts: 8

I have three young children (under age 3). What is the minimum interest
income (if any) that would mandate I file a return for them? I mean if they
have say $50 in interest income this year, do I really need to fill out a
return for each? I sure hope not...

Archived from group: misc>taxes

Phil Marti · Joined: 25 Aug 2007 Posts: 2520

"Bob" wrote:

>I have three young children (under age 3). What is the minimum interest
>income (if any) that would mandate I file a return for them? I mean if
>they have say $50 in interest income this year, do I really need to fill
>out a return for each?

At $50 no return is required. It's considerably more than that, but less
than $1,000. For the exact number, which can change yearly, see the 1040
instructions.
--
Phil Marti
Clarksburg, MD

Arthur Kamlet · Joined: 25 Aug 2007 Posts: 2053

In article ,
Phil Marti wrote:
>"Bob" wrote:
>
>>I have three young children (under age 3). What is the minimum interest
>>income (if any) that would mandate I file a return for them? I mean if
>>they have say $50 in interest income this year, do I really need to fill
>>out a return for each?
>
>At $50 no return is required. It's considerably more than that, but less
>than $1,000. For the exact number, which can change yearly, see the 1040
>instructions.

For 2007, unearned income such as interest and dividends
more an $850 must be reported.
--

ArtKamlet at a o l dot c o m Columbus OH K2PZH

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