How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Lev Your Own Question
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 28081
Experience:  Taxes, Immigration, Labor Relations
Type Your Tax Question Here...
Lev is online now
A new question is answered every 9 seconds

Ten years back, when my son was 8, had a car accident, got

Resolved Question:

Ten years back, when my son was 8, had a car accident, got $9000.00 in account, got last year at age 18, about $14000.00 with int. He is in college now. Is the int. taxable?
Submitted: 5 years ago.
Category: Tax
Expert:  Lev replied 5 years ago.


Hi and welcome to Just Answer!


The amount of compensation for car accident that your son received ten years ago - was not a taxable income.

The interest that was credited to his account was his taxable income in each year the interest was credited – regardless if you son took the money out of left them on his account. Your son should receive the form 1099-int each year - the same form was sent to the IRS.

However - if that was only his taxable income - most likely it was not taxable and he was not required to file tax returns in these years. For instance if your son who is your dependent received interest income in 2010 less than $950 - no tax return needed and there is no tax liability.

So most likely you son has no taxable income and does not need to file tax returns.

Please let me know if you need any help or clarification.


It was around $350.00 each year and that was his only income. Thank you


The threshold is different for each year. For 2010 it is $950. To be precise - we need to verify for each year - but most likely you are correct - it was not taxable.

Lev and 5 other Tax Specialists are ready to help you
Expert:  Lev replied 5 years ago.

For all questions related to your account - you need to contact the customer service.

On the top of this page - there is a drop down "Report" - select "Customer service" - and type your request.

You may also follow this link -

Experts do not have access to your account.