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Posted by Phil Marti on April 3, 2008, 3:22 pm
Please log in for more thread options "Proch" wrote:
>I got a 1099-DIV in the mail from Vanguard.
>
> It's got my mother in law's name, and below it my 9 year old son's.
Whose SSN is shown? It sounds like this is a UTMA account that your MIL set
up for your son's benefit. If so, it should be your son's.
> What do I do with this? It's got like 150 listed under ordinary dividends
> and 30 listed under qualified dividends.
>
> Do I put this in my taxes? I don't recall ever receiving a check from
> Vanguard, why would I be paying taxes on it?
>From the information provided about the only thing we know is that it
doesn't go on your return. If it is a UTMA account, your son's SSN should
be on the 1099, and the income goes on his return if he's required to file
one. If this is his only 2007 income he's not required to file. See the
1040 instructions.
If it's something else, you need to find out what it is. Although it's
technically not your problem, if it's your MIL's problem you probably don't
want that to go unresolved.
--
Phil Marti
Clarksburg, MD
--
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