My 13 year old child received a 1099-B, $1996 gain (proceeds $4045 less cost basis $2049) in addition to a 1099-DIV of $285 and 1099-INT of $.64. No other income, never filed a tax return. Do I need to file a return?

2564

Expert Alumni

Apr 7, 2024 4:59:42 AM

Yes, your child will need to file a return since they had unearned income of more than $1,250.