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Click ‘Get Form’ to open the UTMA Form in the editor.
Begin by entering your name in the designated field, ensuring you include your last name, first name, and middle initial.
Fill in the employee information section, including your social security number and account/unit number as required.
Designate a minor beneficiary by providing their address and selecting the appropriate custodianship under the applicable state law. Make sure to check one of the options provided.
If necessary, nominate a substitute custodian by filling in their name. This ensures that there is an alternative custodian if the primary one cannot serve.
Review all entries for accuracy before signing. Ensure you read any important instructions provided on Page 2 of the form.
Sign and date the form at the bottom to complete your submission.
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UTMA accounts are irrevocable custodial accounts held for the benefit of a minor. UTMA accounts allow a minor to receive monetary gifts without the aid of a guardian or trustee. A custodian manages the UTMA account until the minor attains the age of 18, 21, or 25, specified by the Custodian.
What is an UTMA form?
Custodial accounts under the Uniform Gifts to Minors Act (UGMA) or Uniform Transfers to Minors Act (UTMA) are accounts created under a states law to hold gifts or transfers that a minor has received.
What to do with UTMA account when child turns 18?
In California, the age of majority is 18 while the age of trust termination is 21. As a result, custodians can establish UTMA accounts for a minor and specify that they wait until age 21 to gain control of the funds.
What happens to an UTMA account when the child turns 18?
With UTMA/UGMA accounts, the income always belongs to the child (and is reported in their SSN), regardless of their age. They always own the account, they just cant control it until the age of majority. If she will need to file a return for her other earned income, you could include that 1099-DIV on her tax return.
Related Searches
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