Why sign in to the Community?

  • Submit a question
  • Check your notifications
Sign in to the Community or Sign in to TurboTax and start working on your taxes
Level 1
posted Apr 2, 2025 12:44:54 PM

For UTMA, TurboTax imported my kid's 1099-DIV and 1099B

TurboTax imported from Fidelity my kid's UTMA info (1099Div and 1099B). Should I delete these from my return? They each made less than $5000

0 3 1235
3 Replies
Expert Alumni
Apr 2, 2025 12:50:33 PM

Your minor children need to file tax returns if their UTMA income is greater than $1250.  Either way delete them from your return.

 

@KMSapphire 

Level 1
Apr 2, 2025 12:52:36 PM

I meant to say the gains were under $500 for each kid.

Expert Alumni
Apr 2, 2025 1:12:28 PM