This is a sample form for use in Tennessee, a Transfer Under the Tennessee Uniform Transfers to Minors Act. Adapt to fit your circumstances. Available in standard formats.
Tennessee Utma Age Of Majority Withdrawal
State:
Tennessee
Control #:
TN-02332
Format:
Word;
Rich Text
Instant download
Description
How to fill out Transfer Under The Tennessee Uniform Transfers To Minors Act?
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FAQ
Depending on the state a UTMA account is handed over to a child when they reach either age 18 or age 21. In some jurisdictions, at age 18 a UTMA account can only be handed over with the custodian's permission, and at 21 is transferred automatically.
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.
Age of Majority and Trust Termination StateUGMAUTMATennessee1821Texas1821Utah2121Vermont21N/A49 more rows
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%.
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.
