Transfer Uniform Minors Act With Example
Description
How to fill out Transfer Of Property Under The Uniform Transfers To Minors Act?
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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.
No limits exist to how much a donor can contribute to a UTMA. However, contributions over $17,000 per child (if married, $34,000) are subject to federal gift tax.
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.
UGMA/UTMA account assets can be transferred into a new account established by the now adult beneficiary as a sole or joint owner.
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.
