Monday, December 16 2013
Certain Children Under Age 19 or Full-Time Students. If your child's only income is interest and dividends, including capital gain distributions and Alaska Permanent Fund dividends. And, your child is under the age 19 at the end of 2013 or was a full-time student and/or under the age of 24 at the end of 2013, and certain other conditions are met. A parent can elect to include the child's income on the parent's return. If this election is made, the child does not have to file a return.
A parent can elect to report their child's interest and dividends including capital gain distributions on their tax return. If you do elect to do this, your child will not have to file a return.
A parent can make this election only if all of the following conditions are met: i) The child was under age 19 or under the age of 24 and is a full-time student at the end of tax year 2013, ii) The child had income only from interest and dividends including capital gain distributions and Alaska Permanent Fund dividends, iii) The child's gross income was less than $10,000, iv) The child is required to file a return unless you choose to make this election, v) the child does not file a joint return for the year, vi) No estimated tax payment was made for the year, and no overpayment from the previous year or from any amended return that was applied for 2013 under your child's name and social security number, vii) No federal income tax was taken out of your child's income under the backup withholding rules, viii) You are the parent whose return must be used when applying the special tax rules for children.