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Discussion Forum Index --> Basic Tax Questions --> 1099-INT for Dependent
Discussion Forum Index --> Tax Questions --> 1099-INT for Dependent
Igoudiaby (talk|edits) said:
| 24 January 2008
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| A client of mine is the guardian of her daughter's trust fund (from legal settlement). the daughter is 6. She received a 1099-INT from her bank showing $ 24.52 interest. How should she file file? does she put that amount in her return or does she file separately for her daughter even though she's only 6.
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Dusty (talk|edits) said:
| 24 January 2008
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| You would not have file with that small of an amount. See 8615 when it gets larger.
Dusty
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Belle (talk|edits) said:
| January 24, 2008
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| Whose social security number is on the 1099-Int? If it's the mom's SSN, you'll need to run the $ 25 dollars in/out on the Sch B. Meaning report it, then back it out as nominee interest.
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Igoudiaby (talk|edits) said:
| 24 January 2008
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| The child SSN is on the 1099-int to answer Belle's question. I understand from what Dusty says that the mother should just discard the 1099-int for this year, correct?
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Belle (talk|edits) said:
| January 24, 2008
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| I wouldn't discard it. I'd keep in the parent's file with a notation that amount too small to require filing a return for the child.
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