Do i need a 1099-B for a custodial account if I did not take any distributions

mcodom — Wed, 05 Jun 2019 21:54:06 GMT

If you got a form 1099 (1099-B, 1099-Div, 1099-INT) from...

Hal_Al — Wed, 05 Jun 2019 21:54:07 GMT

If you got a form 1099 (1099-B, 1099-Div, 1099-INT) from a custodial account, you must report it on your child's tax return*. The fact that you got the 1099 means there was reportable income. The fact that you did not remove the money form the account does not make it non-taxable.

You do not report his/her income on your return. If it has to be reported at all, it goes on his own return*. If your dependent child is under age 19 (or under 24 if a full time student), he or she must file a tax return for 2016 if he had any of the following:

1. Total income (wages, salaries, taxable scholarship etc.) of more than $6,300 (2016).

2. Unearned income (interest, dividends, capital gains) of more than $1050 (2016).

3. Unearned income over $350 and gross income of more than $1050

4. Household employee income (e.g. baby sitting, lawn mowing) over $2000 ($6300 if under age 18)

5. Other self employment income over $400, including box 7 of a 1099-MISC

*If his only income is from interest and dividends, Alaska PFD or capital gains distributions shown on a 1099-DIV, there is a provision for entering it on your return, using form 8814.

topic Do i need a 1099-B for a custodial account if I did not take any distributions in Retirement tax questions

Do i need a 1099-B for a custodial account if I did not take any distributions

If you got a form 1099 (1099-B, 1099-Div, 1099-INT) from...