Author Topic: Tax Question Regarding my Son's UMTA  (Read 692 times)

davef

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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?

MichaelB

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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

davef

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Re: Tax Question Regarding my Son's UMTA
« Reply #2 on: January 31, 2017, 11:01:22 AM »
Thank you