Ohio Gift of Unregistered Securities pursuant to the Uniform Gifts to Minors Act
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How to fill out Gift Of Unregistered Securities Pursuant To The Uniform Gifts To Minors Act?
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FAQ
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. The next $1,050 is taxable at the child's tax rate.
The donor or a custodian manages the property for the minor's benefit until the minor reaches a certain age. Once the child reaches a specified age set by the state, the child will have full control over the property.
Finally, note that, unlike a 529, which can only be funded through cash contributions, a UTMA account can be funded through a variety of methods, including stocks, bonds, mutual funds, and cash. UTMAs can also even include fine art or property for a minor beneficiary.
The main advantage of using a UTMA account is that the money contributed to the account is exempted from paying a gift tax of up to a maximum of $16,000 per year for 2022 ($17,000 for 2023). 2 Any income earned on the contributed funds is taxed at the tax rate of the minor who is being gifted the funds.
The Uniform Gifts to Minors Act (UGMA) allows money and financial securities to be transferred to minors through a UGMA account and is allowed in all states. UGMA allows the property to be gifted to a minor without establishing a formal trust.
No, a parent cannot take money out of a UTMA account. The assets remain under the control of the custodian until the minor reaches the majority age. At that time, all remaining funds in the account are turned over to the beneficiary, free from further court supervision or management.
Because contributions are made with after-tax dollars, a deduction cannot be taken. For children under age 19 and full-time students under age 24 whose earned income is less than one-half of their support, the first $1,250 of earnings is tax-free.
The minor or beneficiary is considered the owner of all assets in a UGMA account and the income they generate for tax purposes. But the earnings can be taxed either to the child or the parent. Reporting requirements depend on the amount of income the account generates and the beneficiary's age.
