I had a fidelity custodial account set up for each of my children. I converted one of them to my son (age 27) in August of 2019. Not that they did a whole lot but do we file the 1099-div and 1099-int on his taxes (first time as not a dependent of mine). Or can I still file them on my taxes this year but not moving forward. The answer will help determine the other child and when to move them over.
As your son is 27, the dividends and interest have to be reported on his tax return, not on yours.
You can only report your child's unearned income on your tax return when they are under 19 (or under 24 and a full-time student).
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