I know this has been asked, but I am looking for clarity:
Q. Does SHE report the 1099-DIV income on her taxes, or do I report it on my own taxes or does it not need to be reported since it's a low amount?
A. She reports it on her tax return.
If that was her only income, it would not be enough to have to report (less than $1100 unearned income). But, since she must file to get a refund on her withheld taxes, she must include ALL her income on her tax return.
Q. Does SHE report the 1099-DIV income on her taxes, or do I report it on my own taxes or does it not need to be reported since it's a low amount?
A. She reports it on her tax return.
If that was her only income, it would not be enough to have to report (less than $1100 unearned income). But, since she must file to get a refund on her withheld taxes, she must include ALL her income on her tax return.
Since she is filing her own return anyway, she should include the dividend income on her return.
When you do file a tax return, you are required to report your worldwide income. Therefore, the dividends do need to be reported.
Taking a look at them on their own and combined with her part-time W-2 income, the filing requirement may not be met except for filing for a refund of taxes withheld.
by the way that UTMA a/c may need to be retitled. most states have laws dealing with UTMA a/c's once the child reached their majority (age) in the state. once that happens it's her money to do with as she pleases. the trustee/administrator no longer has authority to control what is done with the assets and can even be sued for mismanagement.
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