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Explore investment account options. ... Custodial account (UGMA/UTMA) ... While this is primarily a retirement account, Roth IRAs allow penalty-free and tax-free withdrawals of contributions (but ...
For those looking to save up for their child's educational pursuits, there are a number of options, including the popular 529 plans, the less-popular custodial account, and the somewhat limiting ...
A Roth retirement plan. A Roth 401(k) is identical to the traditional version in almost every way except contributions are made after-tax. This means that while you pay taxes on the money you are ...
The Uniform Transfers To Minors Act (UTMA) is a uniform act drafted and recommended by the National Conference of Commissioners on Uniform State Laws in 1986, and subsequently enacted by all U.S. States, which provides a mechanism under which gifts can be made to a minor without requiring the presence of an appointed guardian for the minor, and which satisfies the Internal Revenue Service ...
Under the UGMA or UTMA, the ownership of the funds works like it does with any other trust and the donor must appoint a custodian (the trustee) to look after the account for the benefit of the beneficiary. [citation needed] Until 1986, a UGMA or UTMA account allowed the assets to be taxed at the minor's income tax bracket. Tax law changes in ...
A Coverdell education savings account (also known as an education savings account, a Coverdell ESA, a Coverdell account, or just an ESA, and formerly known as an education individual retirement account), is a tax advantaged investment account in the U.S. designed to encourage savings to cover future education expenses (elementary, secondary, or college), such as tuition, books, and uniforms ...
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