Aside from my own brokerage account, I also have custodial account for my child who is a minor. During the electronic input, it pulled all 1099-INT, 1099-DIV, and 1099-B for my account and my child's custodial account.
Because there are proceeds from buying and selling equities in the custodial account, I understand that we have to file a separate return for my child now and can no longer use Form 8814 with my return.
My question is about the already imported 1099-INT, 1099-DIV, and 1099-B for that custodial account into my return: do I need to go ahead and delete all three from my return?
If the child's income will now be reported on their own income tax return, remove the child's income from the parents' tax return.
In TurboTax Premium Online, remove the income by selecting the down arrow to the right. Then removing by selecting the Delete trashcan.
If the child's income will now be reported on their own income tax return, remove the child's income from the parents' tax return.
In TurboTax Premium Online, remove the income by selecting the down arrow to the right. Then removing by selecting the Delete trashcan.