Handling UTMA account (first time) for a minor wrt my 2019 taxes

Anonymous — Tue, 14 Apr 2020 13:20:23 GMT

Hi:

I (resident of Virginia) opened a UTMA account for my 13-year old in 2019. I have received a 1099-DIV for it in my son's name. From what I understand, I need to report the existence of this UTMA account to IRS in my 2019 filing only if the unearned income is over $1050. Here are the amounts in 1099-DIV so can you please confirm that I can just completely ignore this 1099-DIV?

1a Total Ordinary Dividends: $33.69

1b Qualified Dividends: $22.29

2a Total Capital Gans Distributions: $0.56

5 Section 199A Dividends: $2.76

7 Foreign Tax Paid: $1.52

8 Foreign Country or US Possession: Various

Thanks,

Re: Handling UTMA account (first time) for a minor wrt my 2019 taxes

AnnetteB6 — Tue, 14 Apr 2020 13:50:39 GMT

Yes, you can keep the Form 1099-DIV for your records, but you do not need to report it on your tax return or on a return for your child. The income was well under the $1100 limit that would require you to report it.

Take a look at the following TurboTax article for more information: How do I report my child's investment income in 2019?

@Anonymous

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Handling UTMA account (first time) for a minor wrt my 2019 taxes

Re: Handling UTMA account (first time) for a minor wrt my 2019 taxes