I had a UTMA from 2017 to 2021. In 2021 I closed it and deposited it in my checking. I am a student with no income. Net gain: $2,079.63 How to include it in my return?

gdiplacido · ‎April 11, 2022

PattiF · ‎April 11, 2022

This money was put into a custodial account as an irrevocable gift to you who was named as a beneficiary on the account. It has been turned over to you now and you do not need to report this on your tax return.

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SteamTrain · ‎April 11, 2022

@PattiF

yeah....but the student (or parent?) Closed the account in 2021.

That might have generated gains on a 1099-B from whatever holdings were sold, and/or 1099-INT and/or a 1099-DIV depending on when it was done...that he/she would have to report on their 2021 tax return.

Yes/No?

____________*Answers are correct to the best of my knowledge when posted, but should not be considered to be legal or official tax advice.*

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I had a UTMA from 2017 to 2021. In 2021 I closed it and deposited it in my checking. I am a student with no income. Net gain: $2,079.63 How to include it in my return?