Investment Account for Minor

[rbrodbeck]

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?

[TomYoung]

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

[rbrodbeck]

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