topic Utma account child is now 25 in Get your taxes done using TurboTax

Utma account child is now 25

Tom in Carolina — Thu, 25 Mar 2021 18:29:00 GMT

My daughter has an Utma account** but is now working full time and 25 years old

** "UNDER THE NC UNIF TRSF TO MINORS ACT"

Assuming she reports the qualified / ordinary dividends <$37.66> and capital gains distributions <$106.01>

.. what form is this reported on ?

Many thanks,

Tom

we have procrastinated on transferring it to her name, but will def do it this year

Re: Utma account child is now 25

Mike9241 — Thu, 25 Mar 2021 18:47:16 GMT

technically a UTMA automatically terminates when the child reached his/her majority. usually 21. at that age or maybe even 18 (depending on state law) the UTMA a/c should have been closed and the assets transferred to an a/c solely in her name.

enter that info in her return on form1099-div.

Re: Utma account child is now 25

rjs — Thu, 25 Mar 2021 18:51:52 GMT

If you are the custodian, you should have received a Form 1099-DIV for the dividends and capital gain distributions. Your daughter should enter the 1099-DIV in TurboTax the same as if it were her own account, and not a UTMA account. It doesn't make any difference that it's a UTMA account. To enter the 1099-DIV, type 1099-div in the Search box, then click the link that says "Jump to 1099-div." TurboTax will put the income on the correct forms. Exactly where it's reported on the tax return depends on what other income she has.

Re: Utma account child is now 25

Tom in Carolina — Thu, 25 Mar 2021 18:57:56 GMT

Thanks to all - have a great day ! Tom