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Returning Member
posted Mar 15, 2025 12:14:05 PM

1099-B for an UTMA account under the $1200 limit

We received a 1099-B that is associated with an UTMA account for our daughter. Its shows a loss: Box A Short-term Realized Gain is $2.50; Box A Short-Term Realized Loss is $-32.00.

 

The UTMA account does not have more than a few hundred dollars in investment income on the 1099-INT and 1099-DIV for the account. Since that is well under the $1200 report limit, we have not included the account on our return or created one for her.

 

Do we need to report the loss on her 1099-B for this account since it is a loss? If so, can we include it on our return since the UTMA is below the tax reporting limit? Where would we input it on our return in TurboTax?

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1 Replies
Level 15
Mar 15, 2025 1:03:02 PM

You can’t take the loss on your return. You can either file a return for her to preserve the carryover loss or since the amount is so small you might want to forget it and do nothing.