I have 1099 DIV for my minor / dependent's UTMA and need to make sure this is taxed under his SSN rathern than my own. How can I enter this under his name?

[IreneS]

If the child's unearned income (like interest and dividends) is greater than $1,050 they need to file a return.

However you, as the parent, can elect to report your child's interest income on your return so that the child does not have to file their own return.This is done using Form 8814.

You can make this election if your child meets all of the following conditions.

1. Your child was under the age of 19, or a college student under the age of 24, and,
2. Had investment income (interest, dividends and capital gains distribution) of less than $10,500 for the year, and,
3. Had no earned income from wages, salary and tips or other types of taxable income.

To complete form 8814 in TurboTax, please follow these steps:

1. Click on Federal Taxes > Wages & Income  [In TT Self-Employed: Personal > Personal Income > I'll choose what I work on.]
2. In the Less Common Income section, click on the Start/Revisit box next to Child's Income (Under Age 24).
   
3. Click the Yes box on the next 2 screens, Any Child's Income? and Child Required to File?
4. Continue through the screens, entering the requested information.

However, depending on your tax bracket, it may be more beneficial to have your child file their own return.  Be sure on the child's return to check the boxes:

• they can be claimed on someone else's return; and
• they are being claimed on someone else's return

This is very important because you want to claim them on your return

While they wouldn't get an exemption (because you are claiming them as a dependent), they would probably receive a standard deduction of $1,050 to reduce the taxable amount.

If you choose to prepare a return for your child, your TurboTax Online login is only good for 1 return.  But you can use the same email address for 5 accounts.   Please see this FAQ to start a second return.