My children (teenagers) each received about $55 in royalty income for 2008. Will this income have to be reported on their separate returns? Is there a minimum amount they can get without having to report it?
Thanks for your help!
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My children (teenagers) each received about $55 in royalty income for 2008. Will this income have to be reported on their separate returns? Is there a minimum amount they can get without having to report it?
Thanks for your help!
If they have to file a tax return, they should report that income. If that was their only income they do not have to file a tax return. Form 1040 instructions has detailed information for who must file.
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