Brokerage Question: So my 19 year-old (he turned 19 in 2025) - when he was in 18 in 2024 decided to create his own brokerage account and added me as the joint account owner (Joint WROS). He's in college and he has been investing his pocket money (that I send him) into the market. He has no other income. As a result of this, we have received a 1099 forms with his name first, followed by my name.
- 1099-DIV (Total ordinary dividends: $556, Qualified dividends: $420, Section 199A: $19, and Foreign taxes paid: $27)
- 1099-B (ST Cap Gain: $101, ST Cap Loss: $31, LT Cap Loss: $-870)
Given that he has no other income other than what I send as pocket money, and he's the one transferring it from his bank account to the brokerage, should I be including the joint 1099-DIV and 1099-B as a part of my tax filings so he doesn't need to file taxes, or should he be the only one filing taxes for the joint 1099-DIV and 1099-B, and I don't need to enter these on my filing at all?
529 Complication: We pay for his college expenses using a 529 plan. He is the recipient on the 1099-Q. The problem is that the 529 plan's 1099-Q distribution amount includes his tuition payment for Fall 2024 tuition and Spring 2025 tuition. But the 1098-T from the college only has the Fall 2024 listed. After I filled out all the information, TT said "Looks like your 1099-Q is taxable. Based on the education expenses you've entered, the student beneficiary must report $11,200 of taxable income from this distribution". How do I tackle this?
Can you please advise the next steps taking into consideration both the events? Thanks in advance.
