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.
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?
Thank your mother in law?
Many, if not most, people have mutual funds set up to automatically reinvest distributions.
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.
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.
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