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c-mattgriffith-y
Level 2
March 3, 2024
Question

Why did turbo tax reduce my federal refund after i pulled in my child's custody account? It was only an $18 gain so should be exempt under $1250...right?

  • March 3, 2024
  • 3 replies
  • 12 views
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3 replies

JohnB5677
JohnB5677
Level 15
March 3, 2024

Please clarify your question.

  • What do you mean by child's custody account?
  • Did you enter a child's account on your taxes?
  • Was the total value $18 or did you get payments through the year?

Please contact us again with any questions, and provide some additional details.

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C
c-mattgriffith-yAuthor
Level 2
March 3, 2024

It's a utma acct.  I did pull the 1099 onto my tax return.  Should I have done that or do they have to file separately or even at all?  The account netted $18 in dividends, none of which were pulled from the account. 

JohnB5677
JohnB5677
Level 15
March 3, 2024

Please look at whose social security number is on the 1099.

If it is the child's, it should not be included on your tax return.

If it is yours, it should be on your tax return and it will be taxable.

           

**Say "Thanks" by clicking the thumb icon in a post. **Mark the post that answers your question by clicking on "Mark as Best Answer"
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