I'm not familiar with what a CUST SIP account is. If this was an account created under The Uniform Gifts to Minors Act (UGMA) or Uniform Transfers to Minors Act (UTMA) then your name would be on the account as the "Custodian" for the benefit of [Son's name].
Assuming that that's what we're talking about here and assuming that there were marketable securities, (stocks, mutual funds, bonds, etc.), in the account, then you would need the Premier version of TurboTax if you intend to use TurboTax online as only this version (or above) has support for Form 8949 and Schedule D where the sales of securities are reported. (All desktop versions of TurboTax support all the same Schedules and Forms so, presumably, any desktop version would be suitable.)
It's impossible to say at this point if all the information you need will be provided to you by the financial institution that held the account. All sales of securities are reported in the income tax return in the exact same fashion as:
- Description of what was sold
- Date of sale
- Proceeds of sale
- Date of acquisition
- Basis of security sold
Certainly most securities that were purchased after January 1, 2012 should have all the available information, but securities purchased before that, (maybe grandma started the account shortly after you son was born?), would not have date acquired and basis information.
You probably should acquaint yourself with the "kiddie tax"
https://ttlc.intuit.com/questions/1900671-what-is-the-kiddie-tax
https://ttlc.intuit.com/questions/1901223-how-do-i-report-and-pay-the-kiddie-tax
as, depending on your situation, you might run afoul of it.
It's generally considered "best" for you son to file his own income tax return, even in the kiddie tax situation, as those (presumed) gains from sale don't pump up your own AGI on your income tax return.
Tom Young
