709 gift tax not filed with 706 is estate still liable from 2011
654, ecxept in Montana its 765
What is a UJMA account?
18
21
Is there a penalty for not transferring a UGMA UTMA account to the child when heshe reaches the age of majority?
Yes I can.
21
The taxable amount of the distribution will be subject to the marginal tax rate of the owner of the UTMA account in NJ when the 1040 federal income tax return is completed correctly.
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The Uniform Transfers to Minors Act (UTMA) does not specify a specific age for vesting. It allows assets to be held in a custodial account for the minor until they reach the age of majority, typically 18 or 21, depending on the state. At that point, the assets are transferred to the minor's control.
If the account was created before September 1, 1995 the age is 18 under grandfathered UGMA law. If the account was created AFTER September 1, 1995, the age of termination is 21. http:/www.finaid.org/savings/ageofmajority.phtml http:/www.fairmark.com/custacct/index.htm See above links for further info.
In Georgia the age of majority is 18, however the age of termination of a UGMA or UTMA is 21.