I have a dependent child with a 1099-DIV and 1099-B from a youth account (teen brokerage account) with amounts below the threshold to file. From what I understand, if the child has to file, he will file the 1099-DIV and 1099-B. However, these amounts are under the unearned income threshold to file, so I don't think he needs to file a tax return. Would you agree? Does it prevent issues when the IRS tries to reconcile 1099s with tax payer filings?
Also, do I need to report any of this on my tax return? I can't report a 1099-B on my taxes, but should I report the 1099-DIV?
1099-DIV (Report to the IRS)
Box 1a Ttl Ordinary Dividends = .79
Box 1b Qualified Dividends = .46
Box 2a Total Capital Gains Distribution = .02
1099-DIV (Not reported to the IRS due to de minimus rules)
Box 1a Ttl Ordinary Dividends = 3.41
Box 1b Qualified Dividends = 0
Box 2a Total Capital Gains Distribution = 0
1099-B
Total Proceeds = 31.86
Realized Gain = (5.14)
