Personal Finance & Money Stack Exchange
Personal Finance & Money Stack Exchange

Questions tagged [utma-ugma]

For questions about UTMA (Uniform Transfer to Minors Act) and UGMA (Uniform Gifts to Minors Act) accounts.

21 questions
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Do my kids need to file a tax return?

My kids (minors) each received a gift of some stock from my wife's parents last year. The stock is in the kids' names, with my wife listed as the custodian. They each made just slightly over $100 in dividends last year, and have no other income. …
Ben Miller
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Gifting $10k to my 17 year old nephew

I am very close with my nephew, and I've been saving a little bit here and there throughout his life to give him before college. I now have about $10,000 in my investment account earmarked for him. I'm trying to think through all the options (and…
Steve D
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Can I gift money out of a UTMA account to my child's sibling?

My Father gifted $50,000 to my daughter over a 5 year period. This money is in a UGMA account on my daughter's behalf. I now have three children. My father's intent was to provide for all of my children. However, he does not have money to gift to my…
Sam taxpayer
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How to avoid Kiddie Tax on UTMA account with bad fees

My father-in-law opened a mutual fund UTMA for my two kids when they were little and has made periodic contributions over the years. They're high school and college now. Each account has about $10k in it, about half is unrealized capital gains. The…
Rocky
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Uniform Gift to Minors Act - Which parent has tax implications?

I am looking to start a college savings fund for my daughter and am debating between the 529 and UGMA. I want to be able to save for her and if her grandparents pay for her college (very possible) or she decides to go in a different path I want to…
user1723699
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How can I gift mutual funds to my 1 year old nephew?

My nephew is getting ready to turn 1 year old and I would like to gift him mutual funds. Are there any special types of accounts out there to allow this sort of gifting? I'm not looking to set up a college fund.
Ivan Lesko
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Where to find actual legal code for Uniform Gifts to Minors Act (UGMA)?

Does anyone know where I can find the actual legal code for UGMA in Texas and the US? I can only find a bunch of sites that quote bits and pieces of the code. I couldn't find anything in the Texas Legal Code.
HorsE
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Is there a standard or best practice way to handle money from an expiring UTMA account?

I have recently turned 21, and the UTMA account that held my college fund is being turned over to me. I have no serious experience with personal finance or investing, and I just don't know what to do with the remaining money. I suspect that money…
Mystagogue
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Reimburse Tax expense using UTMA?

The following story is all in Pennsylvania. In 2018 my daughter received a monetary inheritance, significant amount. It was deposited into a savings account that was made into an UTMA. My daughter beneficiary and myself custodian. Due to…
Genorge Anaplaszio
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Want to put at least $500/yr away for my niece, but NOT for education. Choices?

I would like to put money away for my niece. I'm looking to put it somewhere that she can use the money when she turns 18/21. Also, I don't want it to be tied to education, in case she would like to use the money to take a trip, buy a car, or…
David Pantalaeno
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Tax benefit of custodial brokerage account

If my understanding is correct, then the tax benefits of a custodial brokerage account are (in 2023): Sheltering of up to $2200 of unearned income / year Avoid gift taxes on gifts up to $15,000 / year However, it seems like these amount to very…
Zach
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Can Wash sale be claimed in this situation in adults joint account

I had bought some sharers of an sector ETF in my joint account with my spouse. Now those shares (suppose quantity 250) are far below ( let say $40 per) our purchase price( let say $100). I am thinking to buy more (150) of same ETF in UTMA account of…
puzzled
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UTMA , annual gift tax limit, same account?

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…
puzzled
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Does the custodian get removed from a UTMA Account when the minor is emancipated?

I have a question about the UTMA rules. If the minor (age 19) gets emancipated through marriage, does the original custodian get removed? Or how does emancipation effect the UTMA account?
NYmom
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Selling stock as an adult from an old UTMA account - Who gets the check?

I have some stocks that were purchased under a UTMA sometime in the mid-90s when I was a teenager. My mother is still listed as the custodian on the account. I want to sell these shares. The stock happens to be Proctor and Gamble and its managed by…
Freiheit
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