Two 1099-DIV

[Nick 4]

Last year we transferred our children's custodial accounts into their names.  We received two 1099-DIV forms.  Do we simply sum the numbers from each 1099 box and enter that as one number in turbo tax for each input?

Thank you for your time.

[JohnB5677]

Perhaps, If they are for different children you should not.  If they are for the same child you would.

In 2024 you must file a return if your unearned income was more than $2,750

You can include them on your taxes, and they do not have to file a separate tax return.

This is called the Kiddie Tax and the IRS has two situations that cover this.  

The second applies to you.

1. "If your child's interest, dividends, and other unearned income total more than $2,600, it may be subject to a specific tax on the unearned income of certain children. See the Instructions for Form 8615, Tax for Certain Children Who Have Unearned Income for more information.
2. If your child's only income is interest and dividend income (including capital gain distributions) and totals less than $14.600 for 2024, you may be able to elect to include that income on your return rather than file a return for your child. See Form 8814, Parents' Election To Report Child's Interest and Dividends.

You will have to prepare an IRS form 8814.

Select Tax Tools

• This is on the left sidebar
• You may have to minimize the Federal and State options
• You also may have to scroll down on that menu

1. Once you can work on Tax Tools
2. On the drop-down select Tools
3. There will be 3 green boxes
4. Select Topics Search
5. Type the form number or a topic.
6. 8814
7. Continue through the interview.
8. You will come to a Summary page
9. You can [+Add Another Child]

Tax Filing Requirements for Children - TurboTax - Intu