Do I have to report the 1099-b I received? I'm the account holder/custodian for my grandson. It was a savings account that I transferred to a cd.

deb1955shew · ‎June 4, 2019

Hal_Al · ‎June 4, 2019

Who's name and SS# is the account under? Yours or your grandson?

deb1955shew · ‎June 4, 2019

Grandson SS#. Recipient is Grandson. My name is under account holder custodian for grandson. There is a 1099-INT statement with it that has 5.31 in interest income and the 1099-B showing $1000 in proceeds and cost basis reported to the IRS.

Hal_Al · ‎June 4, 2019

You don't need to report it, at all. The fact that the proceeds are less than $1050 means that the capital is much less than $1050 (the filing threshold for kids)

Hal_Al · ‎June 4, 2019

You do not file that income on your tax return, if the account is in his name and SS#. If it has to be reported at all, you grandson will have to file a return of his own.

You do not get a 1099-B for closing a "savings account". The account must have been a brokerage of mutual fund, to generate a 1099-B.I If the capital gain on the sale was less than $1050, it does not need to be reported.

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KarenJ · ‎June 4, 2019

If there is income on the 1099-b, then you need to report it to the IRS as they receive a copy of your 1099-b.

Do I have to report the 1099-b I received? I'm the account holder/custodian for my grandson. It was a savings account that I transferred to a cd.

Retirement tax questions

Retirement tax questions

Retirement tax questions

Retirement tax questions

Retirement tax questions