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I'm confused about how to declare the taxes on an UGMA Mutual Fund account. Each year I receive a 1099-Div which lists the reinvested ordinary dividends and capital gains. Each year I have been filing a 1040 for the minor that reports these amounts. My question is: Am I required to report these distributions on an annual basis or can I defer the gain until the minor takes control and redeems the account ?

Thanks,
Nanci
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