Should you open a UTMA account for your kids?
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- Опубликовано: 5 сен 2024
- Should you open a UTMA account for your kids?
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This video brings up very good points. I remembered being just a kid and checking in on my savings account as well, watching it grow slowly. Great life lessons
Thank you very much for such informative beautiful video
The point of investment….patience!
Thanks a lot
Glad you liked it!
Are bonds bad in an utma due to the capital gains taxes ? Or are stock index funds a better solution ?
Can the UTMA receive monies from other then the parent or relative? Like a monthly social security deposit. For example, when i start taking my SS, my child who will be 11 can start getting 50% of my FRA per month. Times 8-9 years, that will add up to a ton of money. The IRS/SS have very specific rules for where that money is held. It must be an account owned by the child (and the parent can be custodian-can't be a joint account) That way, if there is any unspent monies when the child turns 18 (or 19 if still in highschool) the IRS doesn't come knocking at the door asking for it back. So can the UTMA be used receive money no matter where it comes from. In my example, that will be a month direct deposit from SS. Thanks
Love the 👪 picture... love
Thank you for this video. After my child turn of age(18-21), can I still contribute money into their UTMA account ?
At that point they're regular accounts and no longer UTMA.
What about tax on UTMA?
Usually at a lower rate because it's on the kid's return rather than the parents. Zero tax in many situations.
Hi Travis, great content! I'm trying to decide between a utma vs 529 vs roth ira for my daughter, who is 2 years old. I have a son who is five years old and have a UTMA in his name, which I converted to after his 529 was not really moving ( I opened it shortly after he was born). I like the idea of the UTMA, because you can choose your own investments and are not limited to the financial products that the 529 offers. Can I do the UTMA now and then convert to a 529 when my kid applies to college? What are your thoughts on the Roth IRA?
I really appreciate it your time. Lemme know if u have patreon n i can subscribe.
Thanks!
I have all the different types of accounts for my kids. Also, checkout the Coverdell ESA. You can choose your own investments and it's tax advantaged for college planning like the 529.
is the utma the same as roth ira
no, the UTMA is more like a regular investment account and the Roth IRA has tax advantages. However, UTMA are often taxed less than accounts in the parent's name or not at all because usually minors don't have much income.
A UTMA can also be a child's bank account. It's just an account titling in the kid's name. Once they turn 18/21 depending on the state, it can be converted to a regular account since the kid is no longer a minor. It's also their money so you can't take it back.
Witch one is better. Can i max out both for ultimate tax benefits.
There are no limits on the UTMA. Pay attention to gifting limits. The Roth requires the earned income.
A coverdell ESA has no earned income requirement.