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We have one kid and looking at UTMA/UGMA, One person can gift about 15K per year, so a couple can give total $30K. Can this $30 ( or $15+$2k) can go in single UTMA/UGMA account ? or each person gifting need to have a separate account, assuming that each person is ok if someone else manage the account.

When I tried to open, it shows beneficiary as my kid and me ( not me and my spouse) as custodian, there is no option for joint custodian. So, can my spouse gift in same account or separate account ?

puzzled
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1 Answers1

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If your wife wants to manage these 2K for your kid she should open a separate account with her as a custodian. If she's OK with you being responsible for managing the money - she can deposit to the same account where you are the custodian. Either way the money belongs to the kid.

Gift tax is not relevant to your question, but you may be thinking of the "gift splitting" rule where you need to file form 709 just to report that the $17K gift you made was actually from you and your spouse. But that's not what you're doing, you both are giving separate gifts, so shouldn't be a concern.

littleadv
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