I have been putting away money for my young son's for several years in separate mutual fund UTMA accounts (one for each). To be honest I have never reported there earnings to the IRS as I could never figure out what forms etc. I also knew that they have not earned over $650. per year and they are both under 14 so no taxes would be due anyway correct? This always drives me crazy at tax time as I know I should be reporting this income. My income is such that they will not be eligible for student loans... So my question is how do I report this income? Do I need to file a return for each of my sons? I have read the Kiddie tax section and it is still not clear to me. Thanks very much.
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