Originated From
QueryCAT

Cashing in UTMA and UGMA accounts

My children (ages 17, 15, and 13) each have UTMA and UGMA accounts in the state of Georgia. I would like to cash in the accounts to help pay for their private sports lessons, car, car insurance, summer camp, and team sports. If I cash them in, who is responsible for the taxes on the accounts? A lot of these expenses have already been paid for out of my pocket. Can I use the funds to retroactively reimburse myself for what I had to spend? And, do I need to save receipts or cancelled checks to verify the expenses?

Liked this question? Tell your friends about it

Related Questions

Other people asked questions on similar topics, check out the answers they received:

Asked: Unique gift for my mom

Suggest me some charming and unique gift for my mom on her birthday? I am confused

Asked: Practical gift

Any Ideas for practical gifts for a collegue on promotion? "

Asked: Beautiful gift ideas for my grandmother,

Suggest Some Beautiful gift ideas for my grandmother, she lives in Lucknow I want to surprise her on her 60th birthday?

Ask a Question... We'll forward it to people who know

More Questions

Bank cashed several checks for grandson, he stole ...

However, the bank is not going to see it that way. They will do whatever it takes to prosecute the boy for theft and fraud, and if they determine that Mom was negligent in keeping the checks secure, they might hold her responsible, as well. At the very least, they should close the account.

How do I delete my account

I did not find an answer

Why hasn't Mikey used his David Palmer Jr. account in 2 years?

I haven't seen Mike Dudley or fletcherba234 in a long time.

Password changes are not stopping hack of my account!

Hi there: It looks like that the account was spoofed. To learn more about spoofing, please visit this help article: What is email spoofing and how can I tell if my account has been spoofed?