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Level 1
posted Feb 28, 2025 4:07:14 PM

Does my child need to file a return if I received a 1099-DIV and 1099-B for their UTMA account? 1099-DIV is for $125 and the 1099-B is less than $1. No other income.

I’m the custodian for my child’s account, but both 1099s show their name and it lists their SSN as the recipient. Child is preteen with no other form of income and is my dependent.

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1 Best answer
Expert Alumni
Feb 28, 2025 4:27:31 PM

No.  It doesn't need to be reported.  If your dependent child made less than $1,300 in interest, dividends, and capital gains distributions combined, and that was their sole source of income, the child's income doesn't need to be reported on any tax return.

2 Replies
Expert Alumni
Feb 28, 2025 4:27:31 PM

No.  It doesn't need to be reported.  If your dependent child made less than $1,300 in interest, dividends, and capital gains distributions combined, and that was their sole source of income, the child's income doesn't need to be reported on any tax return.

Level 1
Feb 28, 2025 4:30:17 PM

Perfect. Thank you so much.