sirejw
New Member

utma 529

Hello. 

New Jersey now allows a State tax deduction for 529. My child has a UTMA account and I plan to transfer some cash assets into a custodial 529 (UTMA 529).

Does a UTMA 529 qualify for a state tax deduction vs a traditional 529?

Also, does the child or parent qualifies for the tax deduction?

Thank you.