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Posted by ms dos 5 years ago In:

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ms dos
ms dos Asked About 'What is a Unified Gift to Minors Act (UGMA) account? on 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?

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