Important Notice: Our web hosting provider recently started charging us for additional visits, which was unexpected. In response, we're seeking donations. Depending on the situation, we may explore different monetization options for our Community and Expert Contributors. It's crucial to provide more returns for their expertise and offer more Expert Validated Answers or AI Validated Answers. Learn more about our hosting issue here.

Why did I receive an IRS Form 1099-DIV for my Uniform Gift or Uniform Transfer to Minors account?

April 26, 2017account form gift IRS minors transfer Uniform

0

Posted

Why did I receive an IRS Form 1099-DIV for my Uniform Gift or Uniform Transfer to Minors account?

1 Answer

0

Posted

You received IRS Form 1099-DIV for your Uniform Gift or Uniform Transfer to Minors account since the IRS requires the taxpayer to report all income, no matter the age of the account holder. Minors who have earned more than a certain dollar amount may be required to file a federal income tax return. Consult your tax advisor regarding your reporting situation.