Minor daughter has investment account and we only have the year end statement. What specifically do I look at to determine if we exceed the $1050 amount needed to report?

[HLAuburn]

I read "interest, cap gains, and dividends", but I don't see those specifically listed so trying to figure out how to determine that amount.

[AnnetteB6 · Accepted solution]

Brokerages would normally send out a consolidated 1099 form reporting the interest, dividend, and 1099-B (capital gains) transactions.  These are required by the IRS to be available by February 15.  This form will break down any income that needs to be reported and you will be able to tell if the return is required to be filed.  

Check with the brokerage to see if the consolidated 1099 is available or if one will be provided.  They can typically be accessed online.  

[HLAuburn]

Thank you! I did receive a consolidated form, but I was looking for clarification on what exactly counts as reportable income. On the form, there are “total ordinary dividends” and “qualified dividends” (they are the same amount) and also “total capital gain distributions”, but I don’t see anything for interest.  What numbers/lines on the consolidated form do I look at to determine if it exceeds that $1050 threshold?

Thanks again! 

[DianeC958]

If you have the 1099-B from the brokerage firm the amounts reported are income.

If you are looking at the consolidated form it is difficult to guide you where to look as different firms report their information differently.