Kiddie Tax Question

[taxfiler123456]

Hello,

Here's the situation:

1 - Kids UTMA account was through a bank brokerage which divested the brokerage function

2 - All funds were in the bank S&P 500 fund

3 - Bank transferred the accounts to another provider

4 - The other provider stunk. I moved the accounts to Schwab

5 - The movement to Schwab liquidated the accounts, sent a check, which Schwab then invested into the Schwab S&P 500 fund

The liquidation resulted in a lot of capital gains. Is there any way to deal with the tax bite, or just stuck?

[macuser_22]

You should have just had the fund transferred to Schwab that would not be taxable.

Unfortunately you seem to be stuck with the tax now.

[taxfiler123456]

Yea unfortunately the tax issue wasn't on my mind when we moved it. Live and learn I guess. Thanks.