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03-09-2018 03:06 PM
My husband and I file married, filing jointly. Our 16 year old daughter who lives at home with us has only dividend income of $45.63 and no other income. Do we have to report this income and if so, how? Also, if we do not report this income, do we just ignore it or show it somewhere?
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03-09-2018 05:50 PM
Hello, Mom4321, and welcome to the community.
With only $46 in dividend income and nothing else, it would be silly to go through the bother of filing a return for your daughter. However, since the IRS received a report of the dividends, those should be reported. The best place to put them would be on Form 8814 (Parents' Election to Report Child's Interest and Dividends). The bottom line from that form should end up as a 0, so reporting her dividends won't affect your return in any way, other than adding the form.
Hope that helps!
03-09-2018 10:21 PM
That would be nice if you could! Unfortunately, since the dividends were reported to the IRS in her name (under her SSN), they will be looking for that amount attached to her SSN, which will show up on the Form 8814. Claiming the dividends on your return could make the IRS wonder where your numbers came from, as well - they receive copies of all the 1099-DIV forms that taxpayers receive.