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Children need to file taxes when proceeds from funds transferred to 529 accounts Today's More information question: Q:My father had custodial mutual fund accounts for my children recently liquidated to transfer them into their 529 plans.Do i need to file the capital gain on these funds with my tax return? Answer by aicpa member randi k.Grant:Yes, your children will need to file income tax returns for the year of the sale. They will report the gain or loss form the sale of the mutual fund. Be sure to add to their cost basis any dividends reinvested in the fund. Also, beats by dr dre wireless remember, that the custodial accounts belong to your children. Your children should be the owners of the cheap beats by dre uk 529's.Include your email address and daytime phone number. Our accountants can provide general information and advice about tax issues.They will not know your entire tax situation, so go to your own tax beats by dre pro preparer for detailed advice.This material may not be published, broadcast, rewritten or redistributed. Guidelines:You share in the usa today community, so please keep your comments smart and civil.Don't attack other readers personally, and keep your language decent.Use the"Report abuse"Button to make a difference.Read more.