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Get your taxes done using TurboTax
With UTMA/UGMA accounts, the income always belongs to the child (and is reported in their SSN), regardless of their age. They always "own" the account, they just can't control it until the age of majority. If she will need to file a return for her other earned income, you could include that 1099-DIV on her tax return. See this TurboTax help article about Kiddie Tax.
March 18, 2024
6:36 AM