topic Re: Child 1099B in Retirement tax questions

Child 1099B

newtonphysics — Wed, 11 Feb 2026 08:56:16 GMT

I opened a brokerage account for my son. He is 15 years old. I put $400 into his account. Between September and December of 2023, he played with it and bought/sold stocks. He received a 1099B form. In his 1099 B form:

1d (proceeds): $4,720
1e (cost or other basis): $5,058
1g (wash sale loss disallowed): $112.92
under the Gain/Loss column box A (short term gain): 217 and box A (short term loss): $-554

My son is not working, he does not earn any money. He does not have a W2 form.

I'm reading the following online:

If your child's only income is unearned and doesn't exceed $1,250, it doesn't need to be reported.
If your child's unearned income is between $1,250 and $13,850, they may need to file their own return, but in certain situations, this income can be included on your return.

My questions are:

Where on the 1099B form it shows his "income"? When I say "income", I'm referring to the statement "If your child's only income is unearned and doesn't exceed $1,250".
Do I have to file a tax return for my son because he received a 1099B form with the dollar amounts I wrote above?
If I have to file a tax return for my son because he received a 1099B form, is "turbo tax premium" the only version to use due to "turbo tax premium" handling the 1099B? I've always used turbo tax deluxe for my own returns. Then does that mean I have to pay an additional $129 for the premium version for my son's 1099B, where as "turbotax deluxe" is only $69?

I appreciate any assistance on my questions, thank you.

Re: Child 1099B

DoninGA — Sat, 06 Apr 2024 22:29:19 GMT

He had no gain on the sale of the investment so he does not have to report the sale on a tax return. If that would be his only income then he does not have to file a tax return.

Re: Child 1099B

fanfare — Sun, 07 Apr 2024 03:39:55 GMT

If you son intends to continue to invest or trade, then a return should be filed to carry forward the stock losses incurred in 2023.

Besides, when IRS sees a 1099-B but no report of the activity, they tend to get concerned, even if you are making less than $400,000 per year.

@newtonphysics

Re: Child 1099B

fanfare — Sun, 07 Apr 2024 03:42:41 GMT

TurboTax Deluxe supports all the reporting capabilities of TurboTax Premium.

@newtonphysics

Re: Child 1099B

VolvoGirl — Sun, 07 Apr 2024 03:47:28 GMT

If you use the Online version you need Premium to enter investments. If you buy the Desktop CD/Download program you can use Deluxe. All the Desktop programs have the same forms. And Desktop has more features over the Online version. Like it can do unlimited returns and efile 5.

You can buy the Desktop CD or the Download program here, Or find it in stores and online.
https://turbotax.intuit.com/personal-taxes/cd-download

Re: Child 1099B

fanfare — Sun, 07 Apr 2024 04:01:04 GMT

use free tax software found at IRS.gov/freeFile

when your income is zero or low enough to qualify

@newtonphysics

Re: Child 1099B

AmyC — Mon, 08 Apr 2024 23:56:03 GMT

1. The proceeds of $4,720 show unearned income

2. Yes, you want to file a return

3. Deluxe version would retain your information and carry it over but free file is available.

Just to make you aware of all future tax implications, What is the Kiddie Tax?