My son of 9 years has a custodial account (UTMA). It has a small dividend income (< $100) and some short term stock gains (< $500). My questions are,
1. How do I enter this information in Turbo Tax and I assume this needs to be reported under by son's name?
2. Will TT take care of exempting any taxes since the income is less than $1,300 ( for 2024?
3. Next year (i.e .2025) if the income from stock trades + dividends is again less than $1350 (for 2025 the limit for unearned income exempt from taxes is $1350 for minors), will my son still be exempt from Federal taxes again?
Thank you for time and help.
