1099 for son but can't touch money

HoopRose43
HoopRose43 Member Posts: 1 Newcomer
edited March 6 in General

in 2011 I still lived in Ohio and my husband was killed on Christmas Day and at that time our son was 20 months old. I ended up following a lawsuit against all insurance companies involved and they ended up putting in one bank account for my son roughly $194,000. He has no access to it until he is 18 we currently live in Florida and have lived in Florida for roughly the last 10 years. My son is now 17 years old never had a job or anything and for the first time ever I received a 1099 for the interest on that one account for this past year. I’ve never received one in the past. The money has not been touched and cannot be touched until my son turns 18. So why did I receive a 1099 now for the interest and never before do I have to file it and if so, do I have to file it on my taxes or do I have to have file for my son who is still a minor and never held a job or anything?

Answers

  • TaxMorgan
    TaxMorgan FreeTaxUSA Agent Posts: 104 image
    edited March 7

    Hello HoopRose43,

    You will likely want to contact the issuer of the 1099 to determine why they sent one to you this year when they did not in prior years.

    If the 1099 is issued to your son, then you may need to file a tax return for him. The IRS has a tool that can help you determine if you need to file a return here: https://www.irs.gov/help/ita/do-i-need-to-file-a-tax-return

    If the 1099 is issued to you then you will likely want to report it on your tax return.

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