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Message
Posted on 5/3/24 at 7:35 am to Bourre
I think UTMA is definitely an option.
Here is what fidelity says.
Here is what fidelity says.
quote:
Custodial accounts established under the Uniform Transfers to Minors Act (UTMA) are taxable brokerage accounts belonging to one minor. Any deposit or transfer into a Custodial account is considered an irrevocable gift to the minor owner. By contrast, Roth IRA for Minors accounts have certain tax advantages, and contributions must be made in cash. Transfers of securities into Roth IRAs from non-retirement accounts is prohibited.
Transfers of cash directly from a Custodial account to a Roth IRA for Minors is permitted if certain criteria are met:
The same minor is the owner of both the Custodial account and the Roth IRA
The minor has not reached the age of majority
The transfer is of cash, not securities
The minor is eligible to make a Roth IRA contribution for the tax year in which the transfer is made
Please note that IRA contribution limits apply.
We strongly recommend consulting with a qualified tax professional in your state regarding your specific situation.
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