Kansas Transfer of Property under the Uniform Transfers to Minors Act
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How to fill out Transfer Of Property Under The Uniform Transfers To Minors Act?
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FAQ
Both Kansas and Missouri have adopted a Uniform Transfer to Minors Act (UTMA), which provides a simplified way to irrevocably gift or transfer property to be held in custodianship for the benefit of a child.
How Do Taxes Work with a Custodial Account? The child beneficiary technically owns the custodial account ? not the custodian. It's the beneficiary's Social Security number that is attached to the account. Thus, the child is the one who technically needs to pay taxes.
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.
A portion (up to $1,250 in 2023) of any earnings from a custodial account may be exempt from federal income tax, and a portion (up to $1,250 in 2023) of any earnings in excess of the exempt amount may be taxed at the child's tax rate, which is generally lower than the parent's tax rate.
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.
What are the tax rules for UTMA in 2023? In 2023, the first $1,250 of a child's unearned income from a UTMA account is tax-free. This is one of the main tax benefits of UTMA accounts. The next $1,250 is taxed at the child's rate, and income over $2,500 is taxed at the parent's rate.
UGMA and UTMA accounts are not tax-deferred assets. All gains on investment properties are taxed as normal, and the creator of the account may choose to pay these capital gains taxes on behalf of the recipient.
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.
