The accounts contain securities that were in the UTMA accounts, but were probably created as a separate joint account once my daughter reached 18. So calling them legacy UTMA is descriptive but not accurate. She was not prepared to manage brokerage accounts at 18 so asked that I manage it as a joint account. At this point (She is 31) it's clear that the securities should be transferred to her solo account. I have been claiming the income on the 1099's that have my tax ID, and claiming her income on the 1099's that show her tax ID. But reading about the need to apportion income on joint accounts made me wonder if I've been doing it wrong.The daughter's SSN should have been the "primary tax ID" from the first day the account was opened. Otherwise, I doubt they were UTMA accounts.Has your adult daughter reached the age of majority when these UTMA accounts should be re-registered in your daughter’s name with her SS# as primary tax ID?
Statistics: Posted by graybird — Fri Feb 06, 2026 1:46 pm — Replies 8 — Views 364