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ruthmcdonald
New Member

My 15 yr old daughter received a 1099b for a UTMA account with a gain of $5282.76, and also 1099 div $445.76 and $144.41, do I need to report this and if so how?

 
1 Reply
AnnetteB
Intuit Alumni

My 15 yr old daughter received a 1099b for a UTMA account with a gain of $5282.76, and also 1099 div $445.76 and $144.41, do I need to report this and if so how?

If your child’s only income had been from interest and dividends, you may be eligible to report the income on your own tax return.  However, you mentioned that the 1099-B reported a gain of $5282.76.  By gain, I am assuming you mean that some stocks or securities were sold and the proceeds were $5282.76.  If that is the case, then your daughter’s income will need to be reported on her own tax return. 

Even if the total amount of the $5282.76 was not capital gains due to taking the basis into account, there is not a provision for reporting that on your return instead of on your daughter’s. 

You should complete your own return first because when you are working on your daughter’s return, you will need some information from your return to fill in Form 8615.

Take a look at the information below to learn more about the “Kiddie Tax” and also see What is IRS Form 8615

NOTE:  If the gains you refer to are capital gain distributions, then you may qualify to report the income on your own return using Form 8814 rather than filing a separate return for your daughter if that option is better for you. 


https://ttlc.intuit.com/replies/3302004


edited 2/21/16 7:03 am PST to add "NOTE"

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