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March 8, 2023
Question

For the question of "child's income", it asks if income is > $1150 but < $11500. Is this capital gains basis OR gross proceeds? this is unclear in this question.

  • March 8, 2023
  • 1 reply
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Question on reporting UTMA account capital gains/investment income for a child in college.  

1 reply

Employee
March 8, 2023

The program is asking for the total amount of unearned income—interest, dividends and net capital gains if assets were sold.  It is evaluating Kiddie Tax.