Unearned income for minor children, one had capital gains on sale of stock in excess of $1050, the other had losses to offset. Do I file a return for each child?

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Level 15

Jun 4, 2019 10:31:41 PM

Yes, I would. The one with the gain must file. The one with the loss should file if you want be able to carry the loss forward to offset future income. It must be carried forward each year without skipping a year or it will be forfeited.

I you are using the online version, you might want to use the Freedom Project for that - it supports all forms.

You might be able to use the Freedom Edition for incomes under $33,000 and supports all states and most forms.

The Freedom Edition is part of the IRS Free File alliance and is totally separate from TurboTax website.

https://ttlc.intuit.com/replies/3301359

How do I switch to TurboTax Freedom Edition?
https://ttlc.intuit.com/replies/3491786

Level 15

Jun 4, 2019 10:31:41 PM

I you are using the online version, you might want to use the Freedom Project for that - it supports all forms.

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Unearned income for minor children, one had capital gains on sale of stock in excess of $1050, the other had losses to offset. Do I file a return for each child?