russinfortworth
Footballguy
Son is in college. He has no income, and we've always claimed him, and plan to this year also. Last year all his savings bonds that his grandparents bought him were cashed in by him for a vacation and some HS graduation presents to himself. He got a 1099-Int this year for the interest on the bonds (less than $1K).
I know that he does not have to file taxes (does not have enough income to trip the requirement), but I'm wondering do I have to claim the income? If I do, wouldn't it behoove me to have him claim the income, but also have him claim no deductions and let me have him as a dependent, as I'm sure that his tax rate would be less than mine.
I've read the regulations, and they are confusing me.
I know that he does not have to file taxes (does not have enough income to trip the requirement), but I'm wondering do I have to claim the income? If I do, wouldn't it behoove me to have him claim the income, but also have him claim no deductions and let me have him as a dependent, as I'm sure that his tax rate would be less than mine.
I've read the regulations, and they are confusing me.