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E
EminC
Level 2
March 23, 2022

1099B

  • March 23, 2022
  • 1 reply
  • 7 views

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

Thanks

 

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1 reply

sjrcpa
sjrcpa
Level 15
March 23, 2022

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
    sjrcpa
    Level 15
    March 23, 2022

    Don't forget the kiddie tax.

    The more I know the more I don’t know.
      E
      EminCAuthor
      Level 2
      March 23, 2022

      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

       

       

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