UTMA Form 2025

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The document is a form for designating a minor beneficiary under the Uniform Transfers to Minors Act (UTMA) for insurance proceeds. It outlines the necessary information required, including the employee's details, the minor's information, and instructions for naming a custodian for the minor beneficiary. The form emphasizes legal considerations and state-specific regulations regarding custodianship and age of majority.

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What are the filing requirements for UTMA?

The California Uniform Transfers to Minors Act (CUTMA) is a modernization of the Uniform Gift to Minors Act, and became effective in 1985. A gift made pursuant to CUTMA is held in custodianship until age 18 unless the gift specifies a termination age beyond 18, but not over 25 years of age.

What is an UTMA form?

The Uniform Transfers to Minors Act (UTMA) allows a minor to receive gifts without the aid of a guardian or trustee. The law is an extension of the Uniform Gifts to Minors Act. The minor named in the UTMA can avoid tax consequences until they attain legal age for the state in which the account is set up.

What happens to UTMA when a child turns 18?

For minor children that have investment income from a UTMA account, if they are claimed as a dependent on their parents tax return, they will need to file a tax return if their investment income is above $1,250, which is the standard deduction amount for dependents with unearned income in 2024.

Do I have to report UTMA on my taxes?

A UTMA account is legally owned by the child and even lists the childs Social Security number. The funds are controlled by a = custodian, but the custodian is required to hold and use the money for the benefit of the child. The account resembles a simplified trust arrangement, with its terms set by state statutes.