Used auto-import function in Turbotax to download all investment docs. It included the 1099-DIV and 1099-B for my child's UTMA account, and says I owe taxes on them, even though the total return (from sale of stock / dividends / etc) is less than $1,050. Does Turbotax take into account fact that the account is a UTMA, or do I have to do this manually, and delete the information from Turbotax?
You should not be reporting the UTMA on your tax return. The UTMA belongs to your child, and any income or gains from the account should be reported on the child's account (if the income is enough to require filing). You may be the custodian, which means you can manage the account, but the account, the investments, and the income belong to the child.
@DavidD66 Thanks for the response! Not sure if you know the answer to this, but does TurboTax take into account the imported information is from a UTMA account? When I spoke with one of the TurboTax reps, he said yes. But it appears that is not the case here.