My three year old son had two potentially reportable issues, both caused by a stock broker messing up:
- An UTMA account was opened instead of a Coverdell ESA account. Account had to be closed and position liquidated in order to open de Coverdell ESA account.
>> result: 1099-B reporting the liquidation of the position,
>>> resulting in a few dollars loss.
- My ,000 contribution to the Coverdell account was executed twice..... The excess contribution including attributable gain was removed.
>> result: 1099-Q reporting the gross distribution in box 1.
Questions:
Does my son needs to file his own return just to report these events? He has no other income. Do I report anything on my own return regarding these isssues?
Thank you much.
Etienne
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