How do I split up a disbursement between my son and myself? I'm the custodian of the account. I was told the first 1,150 is not taxed, the second 1,150 is taxed at my son's rate and the remainder is taxed at my rate.
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This all goes on your son's tax return. His tax return will include Form 8615 to calculate the portion that is taxable at the parent's tax rate.
See Tax Topic 553: https://www.irs.gov/taxtopics/tc553.html
This all goes on your son's tax return. His tax return will include Form 8615 to calculate the portion that is taxable at the parent's tax rate.
See Tax Topic 553: https://www.irs.gov/taxtopics/tc553.html
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