do i have to include interest as income from a EE savings bond i cashed if it was a

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Dingis

New member
gift from my grandfather..? who has past away my income from wages was $8,051 and the interest on the bond was $4,289 i am filing as single because my dad can claim me. thank you for you help
 
T

thetaxlady

New member
The gift is what he spent buying the bond. The interest is income to you when you cashed it.

If you are a dependent in 2010, not only are you subject to income tax on the interst, but kiddie tax as well. You will need to file form 8615 WITH your taxes. Your dad will have to complete the form for you since it's HIS tax rate that determines how much you pay.
 
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