Am i required to directory taxes?
I am a teen who has made smaller number than 1500 earned income during 2007.
My give somebody the third degree actually is nearly unearned income. My mom has a custodial ridge account for me and the interest earn is about 1400 ending year. I now that beside my earned income i am not required to record taxes but, since this bank explanation is custodial would i have to report taxes or would my mom?
Answers: If the bank reports the interest lower than your social security number, later the income is taxable to you.
You should have received a 1099-INT from the guard that will show the social security number of the receiver of the interest.
It is your money, your mother just controls it. If you are required to profile a tax return, that income would budge on it.
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My give somebody the third degree actually is nearly unearned income. My mom has a custodial ridge account for me and the interest earn is about 1400 ending year. I now that beside my earned income i am not required to record taxes but, since this bank explanation is custodial would i have to report taxes or would my mom?
Answers: If the bank reports the interest lower than your social security number, later the income is taxable to you.
You should have received a 1099-INT from the guard that will show the social security number of the receiver of the interest.
It is your money, your mother just controls it. If you are required to profile a tax return, that income would budge on it.