I have two children ages 17 and 14 that have UTMA accounts of which I am the custodian. In 2016, they each earned $1039.11 in dividends and capital gains as reported in form 1099-DIV from Vanguard. As I read the rules of paying tax, I do NOT have to report this income either for myself or for them because it is under $1050. Is this correct?
