Do I have to report the 1099-b I received? I'm the account holder/custodian for my grandson. It was a savings account that I transferred to a cd.

[Hal_Al]

Who's name and SS# is the account under? Yours or your grandson?

[deb1955shew]

Grandson SS#.  Recipient is Grandson. My name is under account holder custodian for grandson.  There is a 1099-INT statement with it that has 5.31 in interest income and the 1099-B showing $1000 in proceeds and cost basis reported to the IRS.

[Hal_Al]

You don't need to report it, at all. The fact that the proceeds are less than $1050 means that the capital is much less than $1050 (the filing threshold for kids)

[Hal_Al · Accepted solution]

You do not file that income on your tax return, if the account is in his name and SS#. If it has to be reported at all, you grandson will have to file a return of his own. 

You do not get a 1099-B for closing a "savings account". The account must have been a brokerage of mutual fund, to generate a 1099-B.I If the capital gain on the sale was less than $1050, it does not need to be reported. 

[KarenJ]

If there is income on the 1099-b, then you need to report it to the IRS as they receive a copy of your 1099-b.