My daughter has an Utma account** but is now working full time and 25 years old
** "UNDER THE NC UNIF TRSF TO MINORS ACT"
Assuming she reports the qualified / ordinary dividends <$37.66> and capital gains distributions <$106.01>
.. what form is this reported on ?
Many thanks,
Tom
we have procrastinated on transferring it to her name, but will def do it this year
If you are the custodian, you should have received a Form 1099-DIV for the dividends and capital gain distributions. Your daughter should enter the 1099-DIV in TurboTax the same as if it were her own account, and not a UTMA account. It doesn't make any difference that it's a UTMA account. To enter the 1099-DIV, type 1099-div in the Search box, then click the link that says "Jump to 1099-div." TurboTax will put the income on the correct forms. Exactly where it's reported on the tax return depends on what other income she has.
technically a UTMA automatically terminates when the child reached his/her majority. usually 21. at that age or maybe even 18 (depending on state law) the UTMA a/c should have been closed and the assets transferred to an a/c solely in her name.
enter that info in her return on form1099-div.
If you are the custodian, you should have received a Form 1099-DIV for the dividends and capital gain distributions. Your daughter should enter the 1099-DIV in TurboTax the same as if it were her own account, and not a UTMA account. It doesn't make any difference that it's a UTMA account. To enter the 1099-DIV, type 1099-div in the Search box, then click the link that says "Jump to 1099-div." TurboTax will put the income on the correct forms. Exactly where it's reported on the tax return depends on what other income she has.