☰
✕
Sign In

Why sign in to the Community?

  • Submit a question
  • Check your notifications
Sign in to the Community or Sign in to TurboTax and start working on your taxes
New Member
posted Jun 4, 2019 3:46:55 PM

My son received a UTMA check of $8,000 from his grandfather for H.S. graduation. Does he have to claim as income or file a tax return for this?

0 1 1221
1 Best answer
Expert Alumni
Jun 4, 2019 3:46:57 PM

The UTMA account is a gift.

And gifts received are not taxable. Your son does not have to file a tax return or report this gift.

1 Replies
Expert Alumni
Jun 4, 2019 3:46:57 PM

The UTMA account is a gift.

And gifts received are not taxable. Your son does not have to file a tax return or report this gift.