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Level 1
posted Apr 12, 2025 10:45:06 PM

I have a UTMA investment account for my children. Does anyone know how to input this? I do not see any option for distinguishing that A 1099-DIV is for the child

The 1099-DIVs and 1099-Bs came through from a direct connection with the financial institution

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2 Replies
New Member
Apr 13, 2025 12:02:52 AM

Here are some basic rules, as copied from TurboTax, regarding your children's 1099-int:

"If the child's income is $14,600 or more, it must be on the child's own tax return. It cannot be included on the parents' tax return."

"A minor who may be claimed as a dependent has to file a return once their income exceeds their Standard Deduction. For tax year 2024 this is the greater of $1,300 or the amount of earned income plus $450 up to the full Standard Deduction of $14,600."

The IRS explains child dividend income here: Topic no. 553, Tax on a child's investment and other unearned income (kiddie tax) | Internal Revenue Service

IF you do need to report the child's INT on your taxes (as it is over the $1,300/$2,600 amount), you will be able to do so under the "less common income" section of TurboTax.

I hope this helps you - best of luck!

Expert Alumni
Apr 13, 2025 11:48:52 AM

You can enter your children's income reported  on Form 1099-INT  or 1099-DIV as follows in TurboTax:

 

  1. Open or continue your return.
  2. Navigate to the child income section as follows:
    1. If you are using TurboTax Online/Mobile: You can click this link: child income or follow the instructions below
    2. For TurboTax Desktop (this will work in TurboTax Online as well):
    3. Click on your search icon in the upper right of your TurboTax screen.
    4. Type "child income" in the search box.
    5. Click on the link "Jump to child income"
    6. Your screen will say "Any Child Income?"
    7. And then TurboTax will ask a series of questions to determine if their income needs to be reported on a tax return. You can report it on your return or their return.\, depending on the situation.
    8. Answer "Yes" to "Is your child required to file a return for 2024?"
    9. This will allow TurboTax to determine if you can report this income on your tax return.

 

Click here for Do I need to report my child's 1099-INT on my return?