Do I put my children's UTMA dividends under my name on my taxes or choose other? Or should they be on their taxes if it's over a certain amount?

[alexiaziebarth]

UTMA ownership and who do I file under

[rjs · Accepted solution]

The money in a UTMA account belongs to the child, not to the parent or the custodian. The Social Security number on the account should be the child's Social Security number. The income from the UTMA account, such as dividends, is the child's income, not your income. You do not report the income on your tax return. You report it on the child's tax return, if the child files a tax return for any reason. If the child does file a tax return, they have to report all of their income, no matter how little it is.

You can go to Do I Need to File a Tax Return? on the IRS web site to determine whether a child is required to file a tax return. When it says "you" or "your" it refers to the child. Answer the questions as if you were the child.

[alexiaziebarth]

Thank you!