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JOFIIntuit Community Champion
Intuit Community Champion
March 4, 2021
Solved

UTMA with Grandparent as Custodian: Who Reports the Taxable Income?

  • March 4, 2021
  • 7 replies
  • 60 views

Sorry for a basic Tax 101 question, but if an individual has established a UTMA for a grandchild and is the custodian for the account, who is responsible for reporting the income if the child does not file their own returns?  The parent or the grandparent?  

    This topic has been closed for replies.
    Best answer by TAXOH
    1. I don't believe so.  It is under the child's ssn.  I have had to file returns for children if there is enough to require a return to be filed. 

    7 replies

    TAXOH
    TAXOH
    Level 10
    March 4, 2021

    The child. 

      J
      JOFIIntuit Community ChampionAuthor
      Intuit Community Champion
      March 4, 2021

      Can the grandparent choose to report the income on her returns on a voluntary basis?  Or must the income be reported by the child?

      TAXOH
      TAXOHAnswer
      Level 10
      March 4, 2021
      1. I don't believe so.  It is under the child's ssn.  I have had to file returns for children if there is enough to require a return to be filed. 
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