Question

My 10-yr sold artwork in 2024 & made $800 I opened a minor Roth & deposited that money (1) Do I need file separate tax for kid? (2) if yes, how to report that $ in tax?

Forum|Forum|1 year ago
January 28, 2025
1 reply
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(3) Can I still claim the 10 yr old for child tax credit even if kid need to file separate tax?

DoninGA

No you do not need to file a tax return for the child if that was their only income for the year.

Yes, you can still claim the child as your dependent.

D

dimmi0205Author

since its deposited in Minor roth (which is an after tax account) and the earned income was in cash and no tax was paid upfront but all earnings were as is deposited in minor roth - so would there be no tax liability?

DoninGA

@dimmi0205 wrote:

since its deposited in Minor roth (which is an after tax account) and the earned income was in cash and no tax was paid upfront but all earnings were as is deposited in minor roth - so would there be no tax liability?

Correct he has no tax liability.

He would only have to file a tax return if he had unearned income of $1,300 or more

Or earned income of more than $14,600