Do I have to file a tax return for a minor that had a custodial investment account that was closed. Small loss on stock sold and less than 50 in dividends paid at close.

Forum|Forum|2 years ago
March 25, 2024
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TurboTax Online

maglib

Employee

@sarah-lockyear A minor that can be claimed as a dependent has to file a return once their income exceeds their standard deduction. For tax year 2023 this is the greater of $1,250 or the amount of earned income plus $400 up to the full standard deduction of $13,850. Unearned income can't exceed $1,250.

If he earned over the $1,250 you also have the option of claiming their unearned income on your own return.

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