Mother sends me a tax form for a brokerage account in my name that I didn't even know existed

No, you need to seize and close the account if she's done anything bad with it.

You may need to prosecute her for fraud if it's really bad.

No, you take the funds and manage them yourself. Remove your mother as a custodian, decide what you want to do with the money.

>Your mother has been using your name to make herself money
Unclear and probably wrong.

>Ok so I just ignore it then?
Enjoy your IRS penalties and fees. "Ignore" is never the correct option in financial matters, child.

>Illegal as fug.
Wrong.

>I just want to know what happens if I ignore less than $1000 in capital gains for a year when my taxable income was under 5k.
Failure to file penalty.

>My mother isn't going to talk about it
Why? Are you 12? Is she retarded?

Adults have adult conversations. Get in the game, kid.

Failure to file and failure to pay are different things. You still have to file, even if you don't owe (well technically in some cases you don't, but you're taking a massive risk for something that should take you 20 minutes).

turbotax.intuit.com/tax-tools/tax-tips/IRS-Tax-Return/Do-I-Have-to-File-a-Tax-Return-if-I-Don-t-Owe-Tax-/INF22780.html

Most likely an UTMA account. The 1099-B states where the brokerage is, call them up and seize control of the account.

>call them up and seize control of the account
And what if it's a trust account, genius? In what universe is your suggestion better than having a conversation to find out the facts?

It's tiring dealing with children. I have no idea how parents cope.

Is it possibly a custodial account that she set up for you when you were a minor? I did this for my kids for the tax benefit. If it is your name alone on the 1099-B, she could still have set up investments for you in your own name when you were a minor. Nothing wrong with this. Now that you are not a minor, the tax bill is all yours. However, if you aren't receiving the proceeds, your mom is probably a criminal. I wonder if she has any credit cards or loans taken out in your name? If your mom decides to steal your identity, you're fucked.

Haha man this post.
Trusts are a separate legal entity, and file a 1041 return for its income. Any money the OP received would be on a K-1.

Asking her is fine, but he's under the opinion his mom won't tell him so I gave another option.

OP obviously has no idea what the facts are, and all we know if that he received a 1099. Your suggestion that he "call them up and seize control of the account" is stupid and reckless.

Can you imagine how this conversation would go?

>OP: "Hi bank? I want to seize control of my account."
>Manager: "OK, that's an odd request. What's the nature of the account? Do you have signing authority on the account?"
>OP: "..."
>Manager: "Are you a named beneficiary on the account? Did you settle the funds in the account?"
>OP: "..."
>Manager: "I'd like to help here if I can, but we have procedures and regulations to follow. Can you tell me why you want to seize control of the account."
>OP: "Someone on Veeky Forums told me to."
>Manager: "OK little one, can you put your mommy on the phone for me?"

>what is a custodial account

Now you're just doubling down on your stupid post. We know it's in his name and has his social because it's on the 1099-B he received. This is how it will actually go:

>OP: "Hi bank? I received a 1099 that's under my name from my mother and I'm looking for more information about."
>Manager: "Sure I can help you with that. What is your name and social security number?"
>OP: "My name is John Smith and 999-77-0999"
>Rep: "We see it's [probably an UTMA] account. We'll need you to come into a branch to verify some things"
>OP: "Thanks, I'll do that."

Implying op isn't an autistic NEET that is capable of doing this

OP here. I'm going to file as soon as my wife gets her ITIN, but we can't apply for that until May 4th. Plus I'm pretty sure I have no tax liability at the moment since I made less than 5k last year and I'm married, so I was just gonna wait until that time..

Yes that's probably what it is.

Ok then how do I get control of the account? Again, I've never seen this money before. I don't mind paying taxes on money so long as I am the owner of that money, but I've never seen this before. If I can get access to the money or demonstrate when at some point I will, I will pay taxes on it.

My mom has almost certainly used this account to fund my college tuition, which is fine and good but now that I'm not a student anymore and have a full time job I don't want to continue this.

Pretty simple. The 1099 you received should have the tax info for the account servicer. Once you know who services the account, you should be able to contact them or ask someone how to remove the custodianship. Ask them about the status of the account, and see what you need in order to remove the account custodian. Usually they'll verify your identity (by asking for a birth certificate or other authorized proof of identity/age), then ask you to fill out a form, and you're good to go. Some servicers may ask you to attain your custodian's approval, but you shouldn't need it if you're no longer a minor. I know a few major servicers (fidelity, vanguard, etc.) allow you to do it online by submitting a copy of your birth certificate and filling out a form.

>OP: "Hi bank? I received a 1099 that's under my name from my mother and I'm looking for more information about."
>Manager: "Not sure what your question is. Did you ask your mother about the account?"

Adults have adult conversations. Including about money, and including with their parents.

>My mom has almost certainly used this account to fund my college tuition, which is fine and good but now that I'm not a student anymore and have a full time job I don't want to continue this.
What you don't know is whether the money your mother put in the account was intended to be your money (a gift) or simply an investment so that the income could be used to pay for your college expenses. You also don't know if your mother set everything up correctly to match her wishes, and you don't know if she did anything improper with the account or with any of the funds in the account.

Last thing I'll say is that the statement:

>My mother isn't going to talk about it so talking with her probably isn't really an option

doesn't really explain or justify anything. If you have some sort of serious family issues, that's for you to work out. But if you're just too nervous, shy, or unsure to talk to your parents about financial issues you need to get over that right away.

You should probably still file for an extension.

>What you don't know is whether the money your mother put in the account was intended to be your money (a gift) or simply an investment so that the income could be used to pay for your college expenses. You also don't know if your mother set everything up correctly to match her wishes, and you don't know if she did anything improper with the account or with any of the funds in the account.
Irrelevant. The account is in his name, he is of the age of majority, the original intent of the account is irrelevant. It's his money.

If she did something illicit with the money, that is a concern, but that's a separate concern than custodianship, and not changing custodianship doesn't relieve him of financial culpability for the illicit use of funds in his name.

To be certain, if OP removes custodianship without telling his mom, she may get super pissed at him, but at the same time, if she's not properly managing the tax burden related to those funds, he's still better off taking over the account, if only so he can ensure he's not committing tax fraud.

You must be retarded.
That money is your money.
Just contact the institution and withdraw all your money out of the account.
You still have to file taxes but its only a fraction of the amount you made in the account last year.

>he fell for the 'adults have adult conversations' meme

>Irrelevant
It's not to his relationship with his mother, which for most people is more valuable that a few bucks in some account.
>the original intent of the account is irrelevant
Not under the law.
>It's his money
Presumes facts not in evidence. You have no idea how the account is styled, titled, settled, or registered. All you know is that OP received a 1099-B.
>illicit use of funds in his name
Again, jumping to conclusions. But regardless, unless OP actually wants his mother to get in trouble, yet another reason to call her and NOT the bank.
>if she's not properly managing the tax burden
Again, assumes facts not in evidence.

Look kid, its great that you can make up 12 separate facts to justify your pre-conceived view of the situation, but the truth is that OP hasn't told us any of these things. Not to mention, you come across like a psychopath.

OP, ignore this guy. Every post has shown he's a completely and total fucking moron, other than the trying to talk to your mother part. Other than that though, just take control of money that's yours.

>other than the trying to talk to your mother part
Which is the only thing I've recommended, mongoloid.

Peace out OP. I'm tired of clicking on mountains, storefronts, and gas stations to advise you and many retards in this thread to do what any grownup should know to do instinctively.