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The term custodial account typically refers to uniform transfer to minors accounts (UTMA) and uniform gift to minors accounts (UGMA). Each state manages its own UTMA/UGMA program.
Custodial accounts. A custodial account is an account that parents can set up and manage on their minor child’s behalf, and the child is able to take over the account upon becoming a legal adult ...
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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 ...
Here’s how custodial accounts work. For premium support please call: 800-290-4726 more ways to reach us
The account limits contributions to $2,000 annually. Additional contributions are subject to a 6 percent excise tax annually. Your modified adjusted gross income could limit how much you ...
Custodial accounts come in a number of forms, one being an account set up for a minor, since the minor is under the legal age of majority. The custodian is often the minor's parent. In the U.S., this type of account is often structured as a Coverdell ESA, allowing for tax-advantaged
The reason why regular ZIP codes are not used is because they are defined by routes rather than geographic boundaries. Thus, they have the tendency to overlap and otherwise create difficulties. ZIP Code Tabulations are not exact, they are only near approximations. [1]