Uniform Transfers To Minors Act Illinois
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FAQ
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.
The Uniform Transfers to Minors Act (UTMA) allows a person to make a gift to a minor child that is free of tax burdens. The UTMA was formerly called the Uniform Gifts to Minors Act. Any money or property transferred under the UTMA is under the control of a custodian until the minor child reaches age 21.
The first $1,100 in earnings in the UTMA account are tax-free. This earnings figure includes dividends, interest income, and any capital gains. The next $1,100 in earnings is taxable at the child's tax rate. Because your child probably doesn't earn much income, their tax rate is typically 10%.
What is the Illinois Uniform Transfers to Minor Act? The Illinois Uniform Transfers to Minors Act (UTMA) allows you to make a gift to a minor child without them worrying about paying a gift tax on the asset. If you have heard of the UGMA (Uniform Gift to Minors Act), the UTMA is simply an extension.
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.
