UTMA and 529 for the same child

[Vic14]

Can a child have both UTMA and 529 accounts? 

[Hal_Al · Accepted solution]

Yes. The two are not related.

The distributions from a UTMA are always in the child's name.  The money, in the account,  is the child's.  The parent is only the custodian. 

For 529 plans, there is an “owner” (usually the parent), and a “beneficiary” (usually the student dependent). The "recipient" of the distribution can be either the owner or the beneficiary depending on who the money was sent to. When the money goes directly from the Qualified Tuition Plan (QTP) to the school, the student is the "recipient". The distribution will be reported on IRS form 1099-Q.