custodial accouts

Forum|Forum|1 year ago
February 12, 2025
1 reply
16 views

I have custodial accounts for my 3 grandchildren, each had around $28.00 on their 1099-DIV under their SSN also had $55.00 in capital gains. there is no option to enter their info on my turbo tax how do I report? I entered it under my name. is there any option on turbo tax to report?

thank you

SusanY1

Level 15

Do not include their income on your tax return. Their income will go on their own returns, if they are required to file. If this is their only income, it is not required to be reported anywhere.

In case they do have other income, you may wish to share these with their parents to determine if a tax return must be filed.

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ssandoval11Author

Level 2

thank you so much, the kids are only 10, 11 and a special needs 20 yr old with no other income. I appreciate your response, just wanted to do the right thing.