UTMA accounts

[ssandoval11]

I am the custodian for 3 UTMA accts for my grandchildren, I received 1099-Div   for each. I have read conflicting articles, I am confused, do i need to report this on my tax return. I imported with turbo tax, each account had dividends of 14.99 and capital gains of 33.77, small amounts.   I do not claim them as dependents

[rjs · Accepted solution]

Each 1099-DIV should have the child's Social Security number on it. You do not report the child's income on your tax return. You should give the 1099-DIV forms to the children's parents. If the dividends that you mentioned are the child's only income, the child does not have to file a tax return. But if they have other income or file a tax return for any reason, the child or the parents will need the 1099-DIV. As the children get older it will become important that they and their parents know about the UTMA accounts and get the 1099 forms.

[ssandoval11]

thank you so much!!