1099-DIV for UTMA accounts

john_howell · ‎June 5, 2019

I opened small UTMA accounts for each of my sons this year. Do I have to report the dividends on the 1099-DIV forms as my income?

PatriciaR · ‎June 5, 2019

If that is the only income your child had in 2016 and it less than $1050, it doesn't need to be reported anywhere.

However, if your child had more unearned income than $1050, but less than $10,500, then you have a choice to either report it on your child's tax return or your own tax return. To report it on your own tax return do a Search (top right corner) for "8814". Then click on "Jump to 8814" and enter the information from Form 1099-DIV.

Read more about it here: https://turbotax.intuit.com/tax-tools/tax-tips/IRS-Tax-Return/Tax-Filing-Requirements-for-Children/I...

Answered by TurboTaxKK to this question

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PatriciaR · ‎June 5, 2019

If that is the only income your child had in 2016 and it less than $1050, it doesn't need to be reported anywhere.

However, if your child had more unearned income than $1050, but less than $10,500, then you have a choice to either report it on your child's tax return or your own tax return. To report it on your own tax return do a Search (top right corner) for "8814". Then click on "Jump to 8814" and enter the information from Form 1099-DIV.

Read more about it here: https://turbotax.intuit.com/tax-tools/tax-tips/IRS-Tax-Return/Tax-Filing-Requirements-for-Children/I...

Answered by TurboTaxKK to this question