3628449
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

PC53
New Member

doing taxes for my daughter who needs to file a return. received a 1099b for shares sold. what do i select in turbo tax explanation. she is a minor and didnt receive any money

1099B daughter account that has to file taxes. never reeived money but shares was sold. she cannot touch this money until age 21. what do i select on turbo tax what this is? 

x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

1 Reply
AmyC
Expert Alumni

doing taxes for my daughter who needs to file a return. received a 1099b for shares sold. what do i select in turbo tax explanation. she is a minor and didnt receive any money

She didn't get the money because of her age. Her account earned income and is reported. If her only income is unearned income, then we look next at the amount. According to saving for college a child’s unearned income may include:

  • Taxable interest 
  • Dividends  
  • Capital gains 
  • Taxable scholarships 
  • Income produced by gifts from grandparents 
  • Income produced by custodial accounts under the Uniform Gifts to Minors Act (UGMA)

If the child's income is $14,600 or more, it must be on the child's own tax return. It cannot be included on the parents' tax return. If less, it can go on the parent's return.

 

See  What is the Kiddie Tax? to know what should be reported where and how.

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

Unlock tailored help options in your account.

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question