Hello -
I opened a UTMA Custodial account for my son and deposited cash from me and my wife (15k per person) last year - 2021. The account generated a total interest of 9 cents and I see a 1099 form generated in the account. I plan to add this account interest in the interest income section of our (mine and my wife's) married filing jointly return where we claim my son as a dependent (he does not have any other income). There is no other income generated in that custodial account and I have not invested the money yet. Am I doing the tax return filing correctly or is there any additional filing requirement for having a custodial account?
Thanks,
