Join the Meeting Place for Moms!
Talk to other moms, share advice, and have fun!

(minimum 6 characters)

Last year I opened a savings acct for my child under their name which is still part of banks account. Not much interest is earned there...3 cents per month. I don't have the tax form on it and since it didn't accumulate to $1, do I still need to file it on my tax forms or can I skip it and file without it?

Answer Question

Asked by Anonymous at 8:06 PM on Jan. 23, 2009 in Money & Work

Answers (6)
  • I'm pretty sure that you don't have to report the income from the interest on the savings account. You could go to and see if they have anything on what the maximum your child can earn per year without you having to report it. But I'm 99.99999% sure you're safe.

    Answer by cat0325 at 8:38 PM on Jan. 23, 2009

  • You have to earn around $10 to receive a form and have to pay taxes on it. Your ok to file without reporting it.

    Answer by Anonymous at 7:01 AM on Jan. 24, 2009

  • You don't have to report such a small amount.

    Answer by Anonymous at 8:35 AM on Jan. 24, 2009

  • Is the account under your child's SSN? If so, you do not have to report it on your taxes, regardless of the amount.

    Answer by Anonymous at 9:25 AM on Jan. 24, 2009

  • Why don't you invest in FOREX? I have done it and it is earning 4% interest monthly! By the time my son graduates from college, he will have had more than enough to pay off his tuition fee.

    Answer by Kleo187 at 12:54 PM on Jan. 24, 2009

  • The bank will send you a form for any interest you need to report. Since this is in your child's SSN and a small amount you will not need to report

    Answer by Anonymous at 10:29 PM on Jan. 24, 2009

Join CafeMom now to contribute your answer and become part of our community. It's free and takes just a minute.
close Cafemom Join now to connect to other members! Connect with Facebook or Sign Up Using Email

Already Joined? LOG IN