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 Withholding
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
The age of majority for an UTMA is different in each state. In most states, the age of majority is 21 ? which means that when a child turns 21, the custodianship of assets will end. But in other states, the age of majority is either 18 or 25. The custodian can also sometimes choose between a selection of ages.
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.
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%.
Age of Majority and Trust Termination StateUGMAUTMATennessee1821Texas1821Utah2121Vermont21N/A49 more rows
The UTMA expanded the Uniform Gifts to Minors Act (UGMA), which only defined gifts as cash or securities. Under UTMA, patents, royalties, cash, stocks, bonds, real estate and art are included. The age of majority is different from the UTMA age of majority. The former is 18 for most states, while the latter is 21.
