Hi:
I (resident of Virginia) opened a UTMA account for my 13-year old in 2019. I have received a 1099-DIV for it in my son's name. From what I understand, I need to report the existence of this UTMA account to IRS in my 2019 filing only if the unearned income is over $1050. Here are the amounts in 1099-DIV so can you please confirm that I can just completely ignore this 1099-DIV?
1a Total Ordinary Dividends: $33.69
1b Qualified Dividends: $22.29
2a Total Capital Gans Distributions: $0.56
5 Section 199A Dividends: $2.76
7 Foreign Tax Paid: $1.52
8 Foreign Country or US Possession: Various
Thanks,
JS
