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Tax Guide Tips - Tax Tips and more.

Tuesday
Jan 06th
gifting utma E-mail
Relatives of my 10 year old nephew placed a substantial sum in a UTMA
account for his benefit. His parents are in severe financial need.
Is it possible for the child (trustee) to gift $10,000 to his parents
without legal or tax consequences. Is a bank obligated to report the
transaction.
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  • Newsflash
    AP - More than 3 million people will have to wait until February to get their tax refunds because of Congress' late fix to the alternative minimum tax, the IRS said Thursday.
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