What does UTMA mean on a bank statement?
Uniform Transfer to Minors Act
The terms of this trust are established by a state statute instead of a trust document. The Uniform Transfer to Minors Act (UTMA) is similar, but also allows minors to own other types of property, such as real estate, fine art, patents and royalties, and for the transfers to occur through inheritance.
What does beneficiary UTMA mean?
Uniform Transfers to Minors Act
The Uniform Transfers to Minors Act (UTMA) allows a minor to receive gifts without the aid of a guardian or trustee. The minor can avoid tax consequences until they attain legal age for the state.
Is a UTMA the same as a 529 plan?
Uniform Transfer to Minors Act (UTMA) accounts may help supplement college savings or be an important part of a parent’s gifting strategy. UTMA accounts can help parents transfer assets to their kids in a protected manner, but unlike a 529 plan, the money has fewer restrictions associated with its use.
Who pays taxes on an UTMA account?
Because money placed in an UGMA/UTMA account is owned by the child, earnings are generally taxed at the child’s—usually lower—tax rate, rather than the parent’s rate.
Is UTMA a good idea?
UGMA / UTMA accounts can be good for some things, bad for others. UTMA (Uniform Transfers to Minors Act) has replaced UGMA (Uniform Gifts to Minors Act) in most states. The main “upgrade” is greater flexibility – UGMAs only hold securities, UTMAs can hold securities and others assets, such as real estate.
Who pays taxes on a UTMA account?
Can parent take money out of UTMA account?
A parent can withdraw money from a UTMA account provided that they’re the custodian of the account, but the custodian can only spend the withdrawn funds on the minor’s behalf and for their benefit.
Does UTMA grow tax free?
Because money placed in an UGMA/UTMA account is owned by the child, earnings are generally taxed at the child’s—usually lower—tax rate, rather than the parent’s rate. For some families, this savings can be significant. Up to $1,050 in earnings tax-free. Any earnings over $2,100 are taxed at the parent’s rate.
How much money can you put in a UTMA account?
Investors who want a tax-advantaged investment Anyone can contribute up to $15,000 per child each year free of gift-tax consequences ($30,000 for married couples). This amount is indexed for inflation and may increase over time. Because contributions are made with after-tax dollars, a deduction cannot be taken.
Which is better UTMA or UGMA?
The biggest difference between UGMA and UTMA accounts is that UTMAs allow for more types of assets. While UGMA accounts are typically limited to things you find in most IRAs like stocks, bonds, and mutual funds, UTMAs can also hold things like real estate, art, patents, and even cars.
Do I have to file taxes for UTMA?
No, you have no reporting requirement as the custodian. The income from UTMA accounts is the named child’s income and is reported under his/her Social Security number. Your dependent child’s income from investments is taxable income and must be reported if it exceeds the filing threshold.
Qual o logotipo oficial da UFMA?
A resolução nº 174 de 1972, adota o logotipo oficial da Universidade, cujo trabalho foi apresentado pelo então Engenheiro da UFMA, professor Bento Moreira Lima Neto, e que foi responsável pelo processo que deu causa a esta resolução.
Quais são os símbolos da UFT?
Símbolos da UFT (Arte: Fred Salomé / Job / Dicom, Divulgação) Inspirados na natureza fértil do Tocantins e na natureza da própria Universidade – de produzir e difundir conhecimentos por meio do ensino, da pesquisa e da extensão – o Brasão e a Marca sintetizam a estrutura organizacional, a história, a missão, a visão e os valores da UFT,
Como alterar o logotipo da Universidade Federal do Maranhão?
SÃO LUÍS – O Conselho Diretor da Universidade Federal do Maranhão aprovou, em 20 de março de 2015, a resolução nº 1183-CD, que altera o logotipo da Universidade Federal do Maranhão, criado pela resolução nº 174-CD, de 29 de março de 1972.
Qual é o nome da UFT?
O nome é sublinhado por uma base verde que remete à cor que marcou a identidade visual da Universidade em seus primeiros anos, e também representa o contexto da Amazônia Legal onde a UFT se insere como vetor de desenvolvimento.
