Claiming minor son who works?

My son is 15 years old. On his 15 birthday, he had stated to me that he would like to work. I got him a job in the supermarket where I work which he started in 10/2005. I have always claimed him as a dependent on my income taxes but was wondering how I would do it this year as he received his own W-2 forms for the short time he worked there in 2005. Is it possible for me to claim him (as I do still support him) and he file his own taxes also? Or, do I include his W-2 information on my taxes? I am a single mother raising 2 sons on my part-time job so I usually qualify for the EIC. My son, being a minor, usually only works on the weekends for 8 hours total per week. By New Jersey law, he can only work a total of 17 hours per week maximum although they never schedule him anywhere near that amount. I would estimate his income for the 2 1/2 months he worked in 2005 to be somewhere around $300.00.

While I have your attention here....lol....he also cashed in a few of his savings bonds this past year. I received a 1099 form for the amount of $534.00. The bonds that he cashed in totaled $500.00 in denomination. I'm assuming the $34.00 was interest earned on them. When I do file my taxes, if I am claiming him, do I also have to include that 1099 on my tax form?

Any help would be appreciated as I am so confused this year.

Sincerely,

Ptrcmcc6

1 answer

You can still claim your son as your dependent, as you are supporting him. I don't know the answer to your other question, but hopefully someone else will be along

Do I put his W-2 information on my tax form or does he file a separate form stating he is a dependant of someone else (me)?

You would not put his W-2 info on your taxes. He can file seperately and check the box that he is a dependent.

Also, I'm not entirely sure,
but I believe that if the 1099 is in his name then he would put it on his taxes, if it is in your name then you would put it on yours.

The 1099 is in my name as he was a minor when we went to cash them in. It is so confusing though because it has the same amount, $251.72, written down twice. I assuming that is the interest as the value of the bond would have been at least $250.00, the amount it would cost to purchase $500.00 in Savings Bonds. You usually pay about 1/2 the amount and then when it matures, it is worth the full amount**************right? Then on the bottom where it says "account summary" it says: Total Earnings Int. Ord. Div and OID's...$503.44. Sorry, I mistakenly thought it was $534.00 in my earlier post. Anway, I'm not sure which to write down.....the $251.72 interest or the $503.44......the total amount he recieved when he cashed them in. I think I will call the customer service number to see what to do......lol.

Thanx for all your help.

Ptrcmcc6

Ptrcmcc6 said:

The 1099 is in my name as he was a minor when we went to cash them in. It is so confusing though because it has the same amount, $251.72, written down twice. I assuming that is the interest as the value of the bond would have been at least $250.00, the amount it would cost to purchase $500.00 in Savings Bonds. You usually pay about 1/2 the amount and then when it matures, it is worth the full amount**************right? Then on the bottom where it says "account summary" it says: Total Earnings Int. Ord. Div and OID's...$503.44. Sorry, I mistakenly thought it was $534.00 in my earlier post. Anway, I'm not sure which to write down.....the $251.72 interest or the $503.44......the total amount he recieved when he cashed them in. I think I will call the customer service number to see what to do......lol.

Thanx for all your help.

Ptrcmcc6

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Sorry, I can't be of anymore help. But thats about it for my limited knowledge

If it is $252 interest, you can 'nominee' the interest to him on your own Sch.B. This keeps your income down for EIC purposes.