How to file custodial account stock transactions for a 9 year old?

[sanjay-acharya]

My son of 9 years has a custodial account (UTMA). It has  a small dividend income (< $100) and some short term stock gains (< $500). My questions are,

1. How do I enter this information in Turbo Tax and I assume this needs to be reported under by son's name?

2. Will TT take care of exempting any taxes since the income is less than $1,300 ( for 2024?

3. Next year (i.e .2025) if the income from stock trades + dividends is again less than $1350 (for 2025 the limit for unearned income exempt from taxes is $1350 for minors), will my son still be exempt from Federal taxes again?

Thank you for time and help.

[SusanY1]

If this is the only income that your son has, it doesn't need to be reported on any tax return. 

[sanjay-acharya]

Thanks so much Susan. So I assume if in 2025 again, my son has less than $1350 income, I do not need to report that income in TT at all. Is that correct?

[SusanY1]

That is correct as well, so long as there is not a change in tax law around the amount of a child's unearned income that is taxable or required to be reported. 

[sanjay-acharya]

Thank you so much!!!