Hi,
I got the following 1099 from my brokerage for my 8-yr old daughter custodial account (this is the first year that we sold a stock in the account).
Ordinary Dividend - $677.38
Proceeds - 16,649.93
Net gain = 1,775.84
I assume I would need to file a separate tax for her as I exceeded the threshold. But when I enter everything in Turbo Tax as a new tax return, its says tax due is zero -- Does that seem correct ? I was reading on other site and I thought only the first $1,000 is exempted from tax ? Am I missing something ?
Thanks !
