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For UTMA, TurboTax imported my kid's 1099-DIV and 1099B

TurboTax imported from Fidelity my kid's UTMA info (1099Div and 1099B). Should I delete these from my return? They each made less than $5000

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3 Replies
RobertB4444
Employee Tax Expert

For UTMA, TurboTax imported my kid's 1099-DIV and 1099B

Your minor children need to file tax returns if their UTMA income is greater than $1250.  Either way delete them from your return.

 

@KMSapphire 

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For UTMA, TurboTax imported my kid's 1099-DIV and 1099B

I meant to say the gains were under $500 for each kid.

MarilynG1
Employee Tax Expert

For UTMA, TurboTax imported my kid's 1099-DIV and 1099B

Here's detailed info on Should I Include a Dependent's Income on My Tax Return?

 

@KMSapphire 

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**Mark the post that answers your question by clicking on "Mark as Best Answer"
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