My daughter cashed out her custodial Fidelity Value fund for college. I received a 1099-B.?

My understanding is she pays tax on the proceeds at a lower rate. How do I figure what she pays tax on...the full amount received ($3200) and at what rate is she taxed? She is 20 years old, if that matters.

She would only pay taxes on the gain in the account if any.

$3200 less basis = Gain (or Loss).

The 1099-B is in her name (assuming this is an UGMA or UTMA account) and thus the sales get reported on her 1040/schedule D.

In 2007, she gets to pay at her tax rate since she's 20. In 2008, she might have been taxed at your rate (the kiddie tax was bumped to 23 for 2008).

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