May I deduct contributions to UTMA accounts (Uniform Gift to Minor's Act) for my grandchildren ?
If so, do I enter this amount just above where I report IRA/401k transfers to my Roth IRA ?
01522
1 Replies
SusanY1
Expert Alumni
Jan 27, 2020 7:23:17 AM
No, gifts of this type are not deductible. If you would like to make gifts that may have a tax deduction associated with them, you could consider a contribution to a 529 college savings plan. In some states, contributions to these types of plans are deductible for state income tax purposes. A good resource for those plans is SavingForCollege.com.