UTMA for Dependent

Forum|Forum|7 years ago
June 4, 2019
1 reply
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I have a UTMA account for my son. He was 20 years old on 1/1/18. His income for this account was > than 1,050 but less than 10,500. I claim him as a dependent. He worked full time for six months or less (I think). He also was a full time student. He had taxes withheld for 2017 and has filed his return already but did not include this. Can I pay his taxes on form 8814 or must he file an amended return (or some other option)?

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Best answer by Critter

Since he had wages and filed his own return then the UTMA income will also be reported on his return not yours. If he failed to include that income then he will need to amend the return.

CritterAnswer

Level 15

Since he had wages and filed his own return then the UTMA income will also be reported on his return not yours. If he failed to include that income then he will need to amend the return.