Uniform Transfer Format Definition
Description
How to fill out Transfer Of Property Under The Uniform Transfers To Minors Act?
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FAQ
Because money placed in an UGMA/UTMA account is owned by the child, earnings are generally taxed at the child's?usually lower?tax rate, rather than the parent's rate. For some families, this savings can be significant. Up to $1,050 in earnings tax-free. The next $1,050 is taxable at the child's tax rate.
Transferring a UTMA account to a child is simple. You can do so with most financial or investment institutions. You can also consult a tax or business lawyer to help you set up the legal structure, although most financial institutions can do this for you.
UTMA accounts offer parents a way to give their children a head start in life. But just because a child holds the account doesn't mean they avoid taxes. UTMA account holders may owe taxes at their personal rate and their parents' rate if the account earns any investment income or capital gains on asset sales.
If a minor has reached the age of twenty-one (21) and seeks to withdraw the funds from the UTMA account of which he/she is the beneficiary, the minor must contact the custodian, as the custodian is the only person authorized to make withdrawals or close the account.
B or 1099DIV should be received at the end of the tax year from the financial institution handling the UGMA/UTMA account to report any interest or earnings on the account.
