1099B for my child

Forum|Forum|6 years ago
March 10, 2020
1 reply
13 views

We sold my child's stock and received a 1099B proceeds from broker. The 1099B is in my child's name with myself as the custodian. Do I enter the gain on my tax return? I do not see a spot under the child income section of Turbo tax to enter capital gains?

macuser_22

Alumni - Champ

No. Only dividends and interest can go on a parents return.

A 1099-B can only go on the child's own tax return.

I would suggest using the IRS Free File.

The TurboTax Free edition only supports simple tax returns that do not require any additional schedules. More complex tax returns will require Deluxe or higher depending on the forms that are needed.

You might be able to use the Free File (formally called Freedom Edition) for incomes under $36,000 and supports all states and most forms.

The Free File is part of the IRS Free File alliance and is totally separate from TurboTax website.

You can also access the Free File tax alliance programs via the IRS website.

https://apps.irs.gov/app/freeFile/

https://freefile.intuit.com/

How do I switch to TurboTax Free File?
https://ttlc.intuit.com/replies/3491786

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**

gwensugarAuthor

Level 2

Thank you! I created a tax tax return but it keeps saying $0 due I am sure I am missing something. Does it some how need to link to my return for a tax rate?

KatrinaB48

Level 15

If that is your son's only income, then he is under the filing threshold and is not to file. Just keep the form for your records. Please view this TurboTax FAQ to view the 2019 filing requirements for dependents.

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