Child tax Laws for a child

My son, who is 12, won a sweepstakes for $25,000.00 cash last year. We received form 1099 for him under his own name and social security number. He did receive the full amount without anything being held. How do I file this correctly in New York? Do I file seperately for him or do I need to include it on my form as his parent? Thanks in advance!

rich5clark said:

My son, who is 12, won a sweepstakes for $25,000.00 cash last year. We received form 1099 for him under his own name and social security number. He did receive the full amount without anything being held. How do I file this correctly in New York? Do I file seperately for him or do I need to include it on my form as his parent? Thanks in advance!

Click to expand...

Ask the judge of the court where you set up his conservatorship/guardianship.

I never set up a guardianship for him. He is my natural born son!

rich5clark said:

I never set up a guardianship for him. He is my natural born son!

Click to expand...

Okay...then ask a tax professional.

seniorjudge said:

Okay...then ask a tax professional.

Click to expand...

Uh...that is what she was doing by asking that question here...LOL.

OP, your son is going to have to file his own tax return this year. He is also going to have to pay taxes on his winnings. Due to his age, he is going to be taxed at your marginal tax rate. You really do need a professional to handle the return.....and be prepared to pay a significant chunk of taxes since nothing was withheld.

Yes and since you are alive, your son will be subject to AMT.

Snipes