Have three 1099 s for custodial accounts. How do I not pay tax on these? They are set up with the children's SS#'s. Do I ignore the 1099 s?

Forum|Forum|7 years ago
June 6, 2019
9 replies
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1099s are always reported on the return based upon the Social Security number.

You may ignore these documents as long as the children do not have enough income to be required to file a tax return.

See the screen shot below to determine if the children must file:

Anonymous

Answer

1099s are always reported on the return based upon the Social Security number.

You may ignore these documents as long as the children do not have enough income to be required to file a tax return.

See the screen shot below to determine if the children must file:

stevemoody10422

Level 2

The Grandchildren do not need to file a tax return. Therefore I will ignore them. No SSN appears on the 1099's although my wife is the Custodian Etrade has her SSN as well as the Grandchildren's SSN's. Anything else I need to ask you concerning this subject?