New York Transfer under the Uniform Transfers to Minors Act - Multistate Form
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How to fill out Transfer Under The Uniform Transfers To Minors Act - Multistate Form?
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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.
Understanding the Uniform Transfers to Minors Act (UTMA) The minor's Social Security number (SSN) is used for tax reporting purposes on UTMA accounts. Because assets held in a UTMA account are owned by the minor, this may have a negative impact when the minor applies for financial aid or scholarships.
Once the minor reaches the legal age of adulthood in their state, control of the account officially transfers from the custodian to the named beneficiary, at which point they claim full control and use of the funds.
As the custodian, you can withdraw money from a custodial account if you need to use it to pay for something that will benefit the minor. You can't take the money back yourself, or give it to someone else.
In the United States, a child's money does not belong to the child's parents or guardians. Once the paperwork is in order, as a custodian of a UTMA you become a fiduciary or you owe a fiduciary duty to the beneficiary of that account. "Fiduciary duty" means you can only use the money in their best interest.
Anyone can contribute to a UTMA account, but their contribution is considered an irrevocable gift. This means only the custodian has the right to withdraw funds, and it has to be for the child's benefit. The custodian has a fiduciary duty to act in the child's best interest.
For UTMA accounts, unearned income is the primary focus. If the UTMA account produces more than $1,250 but less than $2,500 of unearned income in 2023, the child's tax can be included on the parent's tax return using IRS Form 8814. This way, the parent can avoid having to file a separate return for the child.
The UTMA generally requires the custodian to transfer the custodial property to the minor when the minor reaches the age of 21 (unless the person creating the account, in designating the custodian, elects the age of 18 instead).
