In whose name are Form 1099s issued for custodial (UTMA, UGMA) accounts?

OPEN UGMA/UTMA ACCOUNT IBKR offers UGMA/UTMA accounts to individuals or entities who wish to manage an account for a minor until that minor reaches a specific age. Both are custodial account set up under the rules of a state's Uniform Gift to Minors Act or Uniform Transfer to Minors Act. These accounts can offer tax benefits and contributions are generally considered irrevocable transfers. Important account attributes include:…

In the case of an UGMA or UTMA account application, information will be required of both the minor and the custodian in order to complete the application. This information will include the name, date of birth and address for both parties to be completed in separate sections of the online application…

Interactive Brokers includes wash sales on daily, monthly and annual Activity Statements for all 1099-eligible accounts, as required by the IRS. The 1099 forms are issued for US Persons…

Form 480.6A is one of a series of Annual Informative Returns issued to residents of Puerto Rico. This form reports income which is not subject to withholding. As IBKR does not engage in trade or business within Puerto Rico, we do not issue the form and instead issue the U.S. Form 1099. The fact that IBKR is not obligated to issue this or other forms of Puerto Rico has no bearing on the tax obligations and reporting required of the client…