EminC
Level 2
03-23-2022
03:13 PM
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Client received 1099 B as Custodian for his son and there is Capital Gain of about 26K. Does client report this on his income or the son should report on his return?
UNYUTMA
UNTIL AGE 21
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sjrcpa
Level 15
03-23-2022
03:31 PM
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Goes on son's return. The 1099-B should have son's SSN on it.
The more I know the more I don’t know.
sjrcpa
Level 15
03-23-2022
03:32 PM
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Don't forget the kiddie tax.
The more I know the more I don’t know.
EminC
Level 2
03-23-2022
03:49 PM
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The unearned income is more 1100 total is about 26K from Stock, do you think child 17 should file own taxes for it, even though parent is custodian of the account?
Thank you
EminC
Level 2
03-23-2022
03:51 PM
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Sorry, missed your answer before.