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1099-B UTMA account, who should have it on their tax return?

Forum|Forum|7 years ago
June 6, 2019
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We received a 1099-B & 1099-div for my son's UTMA account. Does this go on our tax return or his. He did have a PT job in 2016 that he made under $4300.

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Best answer by AnnetteB6

Transactions reported on Form 1099-B should be included on your son’s tax return. His return will also include the 1099-DIV and his wages.

The only income that would be eligible to be reported on your return instead of your son’s is dividend and/or interest income. Transactions that result in a capital gain or loss cannot be included on your personal return.

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AnnetteB6Answer

Transactions reported on Form 1099-B should be included on your son’s tax return. His return will also include the 1099-DIV and his wages.

The only income that would be eligible to be reported on your return instead of your son’s is dividend and/or interest income. Transactions that result in a capital gain or loss cannot be included on your personal return.

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user314

What if the son didn't have a job or wage income and only 1099-B capital gain lower than $1,100. Would the $1,100 unearned income exclusion apply to capital gains under that amount such that no tax return would need to be filed?

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cindysunny

What if the amount is between $1,100 and $2,200?

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JohnW152

@user314

You’re correct, your son’s scenario appears to be different from the original poster’s. He may not even need to file a return.

Please see the TurboTax Help article "Do I need to file my own taxes if I'm a dependent?" for more information.

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cindysunny

What to do if 1099-B is more than $1100 but lower than 2200?

Hal_Al

Employee

The amount on form 1099-B does not determine whether you need to file. It's the capital gain on the proceeds that determine if you have to file. If that gain is more than $1100, your are required to file (even if less than $2200).

In a case where a long term capital gain is more than $1100, but less than $2200, no tax will be due (the LT gain is tax at 0%) but you are still required to file.