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Tax Question Regarding my Son's UMTA
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Topic: Tax Question Regarding my Son's UMTA (Read 1542 times)
davef
Stubble
Posts: 240
Age: 41
Location: Wilsonville, OR
Tax Question Regarding my Son's UMTA
«
on:
January 31, 2017, 10:22:55 AM »
My 7 moth old son's UMTA account had a $696 realized gain. Do I need to file a tax return for him?
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MichaelB
Stubble
Posts: 130
Age: 36
Location: Charlotte, NC
FIRE goal: April 2032
Re: Tax Question Regarding my Son's UMTA
«
Reply #1 on:
January 31, 2017, 10:30:56 AM »
A quick bit of googling seems to say that you would not need to file taxes unless it's over $1k. Not just that you won't owe taxes, but that you don't even need to file a return.
If you'd like official confirmation, the IRS has a little interactive thing:
https://www.irs.gov/uac/do-i-need-to-file-a-tax-return
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davef
Stubble
Posts: 240
Age: 41
Location: Wilsonville, OR
Re: Tax Question Regarding my Son's UMTA
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Reply #2 on:
January 31, 2017, 11:01:22 AM »
Thank you
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Tax Question Regarding my Son's UMTA