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

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$9000.00 in account, got last...
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: 6 years ago.Category: Tax
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3/1/2011
Tax Professional: Lev, Tax Advisor replied 6 years ago
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 30,137
Experience: Taxes, Immigration, Labor Relations
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LEV :

Hi and welcome to Just Answer!

LEV :

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.

Customer:

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

LEV :

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
Lev, Tax Advisor
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Customer reply replied 6 years ago

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Tax Professional: Lev, Tax Advisor replied 6 years ago

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