A parent whose 12-year-old child's only income is interest of $4,100 may elect to report the income on his own return and pay the tax with that return.

Question

Quizplus · Accepted Answer

According to the IRS guidelines, a parent may elect to report a child's interest income of less than $10,500 on their own return using Form 8814. They are responsible for paying any taxes owed on this income.

A Parent Whose 12-Year-Old Child's Only Income Is Interest of $4,100