You have to file a separate tax return for the child to report the investment income reported on Form 1099-B. To do so in TurboTax, type "1099B" in to Search and hit enter:
- Click on "Jump to 1099b"
- Answer Yes to "Did you have investment income in 2023?"
- Click through the program until you get to "Let's import your tax info?"
- You can either start the import process or click on "Enter a different way".
- Click to highlight the box with "Stocks, Bonds, Mutual Funds", then click on Continue.
- Enter the name of your "Brokerage" and click on Continue.
- Answer No to the Employee stock question.
- Continue through screens until you come to the page with Now, enter one sale on your 1099‑B
- Enter the transaction information reported on the UTMA 1099-B.
You report everything. The program will determine the taxable and non-taxable portions.
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