Why did turbo tax reduce my federal refund after i pulled in my child's custody account? It was only an $18 gain so should be exempt under $1250...right?

[JohnB5677]

Please clarify your question.

• What do you mean by child's custody account?
• Did you enter a child's account on your taxes?
• Was the total value $18 or did you get payments through the year?

Please contact us again with any questions, and provide some additional details.

[c-mattgriffith-y]

It's a utma acct.  I did pull the 1099 onto my tax return.  Should I have done that or do they have to file separately or even at all?  The account netted $18 in dividends, none of which were pulled from the account. 

[JohnB5677]

Please look at whose social security number is on the 1099.

If it is the child's, it should not be included on your tax return.

If it is yours, it should be on your tax return and it will be taxable.