Hi All,
My son is 19 years old, he is a full time college student and has a part time job where he earned $11K in 2024. I have a UTMA account for him and the amount of dividends equals $400 and realized Capital gains equals $1600. He will file his own return. I want to make sure that this $2000 is taxed correctly which for a UTMA account means that the first $1,050 in earnings is tax-free and that the next $1,050 is taxable at the child's tax rate.
How can I verify that Turbotax is handling this correctly and not simply treating the entire $2000 as taxable?
Thanks for any help!
