I know this has been asked, but I am looking for clarity:
- I have a UTMA account for my 20 year old daughter (full-time college student)... and we list her as a Dependent on our taxes.
- The UTMA generated a 1099-DIV of a little over $100... (far less than $1,000). BUT, it also shows HER Social Security number on the form and the account!
- Since she also works part-time, she must file to get a refund on her withheld taxes.
- So the question is:
- Does SHE report the 1099-DIV income on her taxes, or do I report it on my own taxes?
- OR... does it not need to be reported since it's a low amount and her overall earnings are under $10,000 for the year?
