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March 26, 2024
Question

Trying to understnd custodial limits

  • March 26, 2024
  • 1 reply
  • 0 views

Does anyone know for 2023, if you have a 16 year old kid that earned 900 in salary and had 79 in 1099-DIV earned from a custodial account, do I need to file taxes? And If I do, what is the cheapest way, is there a way to register for an account on turbotax.com?

And if I don't, do I need to file his 1099-DIV with my taxes or is it ok to exclude them?

    1 reply

    March 26, 2024

    You don't need to report your child's 1099-Div on your tax return, nor are they required to file, unless they want to get tax withheld on wages refunded. 

     

    For dependents, a return is required to be filed if:

     

    • Your earned income (money you made by working) exceeds $13,850
    • Your unearned income (interest, dividends, capital gains, etc.) exceeds $1,250

    Here's more info on Dependent Filing Requirements.