Question

UTMA account and taxes

Forum|Forum|5 years ago
February 14, 2021
1 reply
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We opened UTMA accounts for our two kids who are 9 and 12 last year.

There is around $400 capital gains in each account.

Do we have to file taxes for this ?

We are filing jointly.

If the UTMA tax forms have your children's SSN on them, then you would report them on the child's tax return if your children would be required to file one.

However, the minimum income requiring a dependent to file a federal tax return. 2020 filing requirements for dependents under 65: Earned income of at least $12,400, unearned income (like from investments or trusts) of at least $1,100, or self-employment income over $400.