Sign Up

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
cancel
Showing results for 
Search instead for 
Did you mean: 
bergeron-bunch
New Member

Should I file the 1099-B for an account that we were custodian for my daughter? Or should it be filed under her taxes for 2018?

 
1 Best answer

Accepted Solutions
Leonard
Intuit Alumni

Should I file the 1099-B for an account that we were custodian for my daughter? Or should it be filed under her taxes for 2018?

A custodial account is under the child's social security number. 

However, since she is your child and dependent, there is a provision for entering it on your return, using form 8814. But, this can only be done if her only income is from interest and dividends.

Because there are no interest or dividends reported on Form 1099-B your daughter will have to report the 1099-B on her own tax return.

[Edited 03/12/219 | 1:45pm PDT]

View solution in original post

4 Replies
Leonard
Intuit Alumni

Should I file the 1099-B for an account that we were custodian for my daughter? Or should it be filed under her taxes for 2018?

A custodial account is under the child's social security number. 

However, since she is your child and dependent, there is a provision for entering it on your return, using form 8814. But, this can only be done if her only income is from interest and dividends.

Because there are no interest or dividends reported on Form 1099-B your daughter will have to report the 1099-B on her own tax return.

[Edited 03/12/219 | 1:45pm PDT]

BobinCT
Level 7

Should I file the 1099-B for an account that we were custodian for my daughter? Or should it be filed under her taxes for 2018?

And a 1099-B isn't either interest or dividends.  She needs her own return.
Leonard
Intuit Alumni

Should I file the 1099-B for an account that we were custodian for my daughter? Or should it be filed under her taxes for 2018?

I have edited my answer to clarify the reporting of your daughters custodial account.
BobinCT
Level 7

Should I file the 1099-B for an account that we were custodian for my daughter? Or should it be filed under her taxes for 2018?

Right, but if they are filing a return for their daughter for the 1099-B they should also put any dividends or interest on her return, as well.
Dynamic AdsDynamic Ads
Privacy Settings
v