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Level 2

Question

Where do I report interest for UTMA

Forum|Forum|7 years ago
June 4, 2019
2 replies
32 views

Hello,

For 2017 tax return. My minor is 3 years old and we opened a UTMA under my name (I am the parent). It earned $40 worth of interest in 2017. Where and how do I report this? I think it can be taxed according to her tax bracket rather than mine, right?

Thank you

Gene

TurboTax Premier Windows

A

Anonymous

If the 1099-DIV is listed in the Social Security Number of you or your partner - then yes, you need to report this income on your return as your interest income.

If the 1099-DIV is listed in the SSN of your child(ren) - then unless they had more than $1,050 of investment income in 2017, no you do not need to report this anywhere. No return is needed for the child.

Please see the following TurboTax FAQ for more information:

https://ttlc.intuit.com/replies/4790655

GNEAuthor

Level 2

thank you! the UTMA was under my 3 y.o.'s SSN. Good to know that I don't have to report the $40 interest from her 1099-INT anywhere, is that right?