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#1
09-13-2003, 09:31 AM
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 Re: tax status of income from UGMA/UTMA yang[at]intersys.com (Huayong Yang) wrote: - quote - > While researching UGMA/UTMA, I came across the following
You are correct> comment at http://www.efmoody.com/miscellaneous/ugma.html: > UGMA- UNIFORM GIFTS TO MINORS ACT: These are custodial > accounts that parents can establish for a minor. The > account is managed by a custodian who should not be parent - > otherwise the income will be taxed to parent. > which seems wrong to me. My understanding is that, if the > donor and custodian are the same person, the amounts in the > UGMA/UTMA will be included in the custodian's estae if s/he > dies before the minor reaches majority. Regardless, the > income from UGMA/UTMA is taxed at the minor's rate (up to > $1500 if under 14). Correct? << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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09-13-2003, 09:12 AM
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| Re: tax status of income from UGMA/UTMA "Huayong Yang" <yang[at]intersys.com> wrote: - quote - > While researching UGMA/UTMA, I came across the following
Your analysis is correct.> comment at http://www.efmoody.com/miscellaneous/ugma.html: > UGMA- UNIFORM GIFTS TO MINORS ACT: These are custodial > accounts that parents can establish for a minor. The > account is managed by a custodian who should not be parent - > otherwise the income will be taxed to parent. > which seems wrong to me. My understanding is that, if the > donor and custodian are the same person, the amounts in the > UGMA/UTMA will be included in the custodian's estae if s/he > dies before the minor reaches majority. Regardless, the > income from UGMA/UTMA is taxed at the minor's rate (up to > $1500 if under 14). Correct? -- David M. Woods, EA Boston, MA 02109 Postings here are general information only and not to be relied upon as advice. << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#-1
09-11-2003, 11:18 PM
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| tax status of income from UGMA/UTMA While researching UGMA/UTMA, I came across the following comment at http://www.efmoody.com/miscellaneous/ugma.html: UGMA- UNIFORM GIFTS TO MINORS ACT: These are custodial accounts that parents can establish for a minor. The account is managed by a custodian who should not be parent - otherwise the income will be taxed to parent. which seems wrong to me. My understanding is that, if the donor and custodian are the same person, the amounts in the UGMA/UTMA will be included in the custodian's estae if s/he dies before the minor reaches majority. Regardless, the income from UGMA/UTMA is taxed at the minor's rate (up to $1500 if under 14). Correct? << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
| Tags |
| income, status, tax, ugma or utma |
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