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inna1
April 13, 2022
Question

Capital Gains of Kids

  • April 13, 2022
  • 1 reply
  • 0 views

I received a 1099-B for my son, who I have a custodial account for on e-trade. I take my son as an exemption on my tax return. Can my son file his own taxes for his 1099-B gains or does he have to be on my tax return. If he files on his own, can I still claim him as an exemption on my tax return?

    1 reply

    ColeenD3
    ColeenD3
    April 13, 2022

    You can still claim him as a dependent even if he files his own return. You need to mark on his return that he is being claimed.

     

    Single dependents- 

    You must file a return if any of the following apply.

    1. Your unearned income was more than $1,100. 

    2. Your earned income was more than $12,550. 

    3. Your gross income was more than the larger of— a. $1,100, or b. Your earned income (up to $12,200) plus $350. 

     

     

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