J
julbox3134
Guest
A dear friend of mine died in 1997 and left $25,000.00 for my son's education. My son is only ten so it will be some time before we have access to the money. In the meantime the bank's trust department handles all transactions involving this money. Most of it is in mutual funds. I am named as the custodian due to my child's age. He will get the lump sum when he is of college age. If he decides not to go to college he will get the entire amount when he is 25. I received in the mail last week an Agency Letter, a 1099-DIV, a 1099-INT and a 1099-B for this money. Do I have to pay taxes on money that we have no access to and if I do, am I in trouble for the years prior to 2001 that I haven't even known to pay taxes on?