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Get your taxes done using TurboTax
If your child's only income is unearned and doesn't exceed $1,100, it doesn't need to be reported. No return is needed for the child.
But, you also don't need to file a return for nine cents. The IRS guideline is to round amounts to whole dollars on a return. This amount would be rounded to zero and there is no requirement to file a return for these few cents. The IRS will not be looking for this amount to be reported.
Here is an IRS Topic No. 533 on a Child's Investment and Other unearned Income when the income from the UTMA is higher.
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March 22, 2022
2:11 PM