mpweis
Level 2

Get your taxes done using TurboTax

Hello, taking your advice I started a separate return in Turbo Tax for my daughter of 13 because her UTMA (my wife is the custodian) had ordinary/qualifying dividends and capital gains distributions over $1100 ($1268). The Federal Tax Summary section calculated a taxable income of $168, but a Federal Taxes You Owe amount of $0. Why is the amount $0? If this is accurate, do I need to file a tax return on behalf of my daughter?

 

Thank you.