100-DIV for my children

I have a 1099-DIV for my 13 and 11 children (1 each), to which I am the custodian. Do I claim this in my taxes, and pay tax on the dividends?

Best answer by MargaretL

It depends on the amount on the 1099-DIV.

If your child's dividends are less than $1,050, it doesn't need to be reported at all- on yours or your child's income tax return.

If your child's unearned income is $10,500 or more, s/he will need to file their own return.

If your child's unearned income is between $1,050 and $10,500 - you can choose to report the dividends on your return or your child's.

Here's data entry in TurboTax:

Federal Taxes
Wages & Income
Scroll down to Less common income, select Child's income (under age 24) and follow the prompts

Level 12

It depends on the amount on the 1099-DIV.

If your child's dividends are less than $1,050, it doesn't need to be reported at all- on yours or your child's income tax return.

If your child's unearned income is $10,500 or more, s/he will need to file their own return.

If your child's unearned income is between $1,050 and $10,500 - you can choose to report the dividends on your return or your child's.

Here's data entry in TurboTax:

Federal Taxes
Wages & Income
Scroll down to Less common income, select Child's income (under age 24) and follow the prompts

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