Investment Account for Minor

I have an investment/brokerage account through Fidelity. The account is in my name but it is a custodial account for my two minor daughters. Will I have to claim anything for that account on my taxes?

504

Level 13

May 31, 2019 8:27:54 PM

Well, you might, but as with almost every single tax question the answer is "it depends."

Welcome to the concept of the "kiddie tax."

https://ttlc.intuit.com/questions/1900671-what-is-the-kiddie-tax

https://ttlc.intuit.com/questions/1901223-how-do-i-report-and-pay-the-kiddie-tax

If your children are required to report investment income it's generally considered "best practice" to have them file their own income tax returns.

Tom Young

New Member

May 31, 2019 8:27:56 PM

They are only 7 and 3 and the capital gains distribution is only a couple hundred dollars.

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Investment Account for Minor