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04-19-2017 12:32 PM
My 16-year-old has no earned income but Utma account has $1000 in dividends, $0 in interest, and $6200 in LT Capital gains.
Can I include his unearned income and cap gains in my return on which I have a $10000 LT capital loss carryover?
Solved! Go to Solution.
04-19-2017 07:40 PM
Welcome to the H&R Block community.
No, you cannot put your child's income on your own tax return. He or she will need to file his or her own tax return and claim their own income, however they will also need to indicate on their return that they are the dependent of another taxpayer if you intend to claim them. Note that the kiddie tax applies here because the unearned income is in excess of $2,100, so you'll need to complete Form 8615 with your child's tax return.
The only time you may report a child's income on your own tax return is if your child had nothing other than interest & dividends (1099-INT and/or 1099-DIV income). If this had been the case then you would have been allowed to report the income on Form
8814 and attach this form to your tax return.
If you have any other questions I'll be glad to help.
Senior Tax Advisor (Tampa, FL)