Hi Tom, My minor children have american funds account in both their name and mine. I haven't added interested they received on my taxes in the past 3 years is this okay? I thought they would just claim it when they cash it in. Thanks, Gina81
Hi Tom, My minor children have american funds account in both their name and mine. I haven't added interested they received on my taxes in the past 3 years is this okay? I thought they would just claim it when they cash it in. Thanks, Gina81
Since the account is also in your name, you should report the interest as income on your tax return. Your child doesn't need to file a tax return unless his interest was over $1,000.
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