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Level 2
posted Mar 25, 2024 6:37:22 PM

Trying to understnd custodial limits

Does anyone know for 2023, if you have a 16 year old kid that earned 900 in salary and had 79 in 1099-DIV earned from a custodial account, do I need to file taxes? And If I do, what is the cheapest way, is there a way to register for an account on turbotax.com?

And if I don't, do I need to file his 1099-DIV with my taxes or is it ok to exclude them?

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1 Replies
Expert Alumni
Mar 25, 2024 6:50:03 PM

You don't need to report your child's 1099-Div on your tax return, nor are they required to file, unless they want to get tax withheld on wages refunded. 

 

For dependents, a return is required to be filed if:

 

  • Your earned income (money you made by working) exceeds $13,850
  • Your unearned income (interest, dividends, capital gains, etc.) exceeds $1,250

Here's more info on Dependent Filing Requirements.