1099 DIV custodial account

[ccattak]

I have a custodial account/mutual fund for my 17 year old son, do I need to report/pay taxes on the 1099-DIV from this account on my taxes?

[PattiF]

It depends, if the amount of the dividends is less than $1,100 then a return does not need to be filed to report the unearned income on the 1099-DIV. If the dividends are more than $1,100 but less than $11,000, then you can include your child's income on Form 8814 and include it with your return. Your son will not need to file a return then. IRS Publication 929 discusses tax Rules for Children and Dependents.

[ccattak]

Thanks for the reply!