Legal Question in Tax Law in California

Taxes on a college account

I have a UTMA account in my name, established by my grandparents for college.

Who is responsible for taxes on the account?


Asked on 2/09/09, 2:19 pm

1 Answer from Attorneys
Donald Field Donald L. Field, Jr., Attorney at Law

Re: Taxes on a college account

The income from a custodial account such as a UTMA account must be reported on the child's (grandchild's) tax return and is taxed at the child's rate. While a minor, the parent is responsible for filing an income tax return on behalf of the child. Children aged 14 and older must sign their own tax returns.

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Answered on 2/09/09, 2:35 pm


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