I have a consolidated 1099 for a custodial account. How do I show in Turbo Tax that it is for my dependent? It only allows me and my wife as an option.

You do not need to file anything for the consolidated 1099 for a custodial account for your dependent. You are correct that a dependent whose gross income is only unearned income does not need to file a return if their income is less than $1,100.