@lssdc wrote:
Thanks for the answer...so to confirm, even if they both take $10,000 out from those accounts in 2023, that $20,000 of their combined income will not be reflected as income on my taxes? ( I see there is line on Form 8615 for the parents' income)
And, they do file taxes each year because they both work.
It's never taxable income to you, only to them. The reason form 8615 (part of the child's tax return, not yours) asks for the parent's income is to determine the correct amount of kiddie tax to charge the child.
