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Stephen G.
Stephen G., Sr Income Tax Expert
Category: Tax
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Experience:  Extensive Experience with Tax, Financial & Estate Issues
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Can a Uniform gift to minor account (a custodial account in

Resolved Question:

Can a Uniform gift to minor account (a custodial account in the minor' SSN), be transferred to a Pa 529 account without tax free?
Submitted: 6 years ago.
Category: Tax
Expert:  Stephen G. replied 6 years ago.

Stephen E. Grizey :

Hi & thanks for using our service. I'll do my best to give you a complete & accurate answer. Please ask me to clarify anything you don't understand.

Stephen E. Grizey :

There's no tax on withdrawals from a Uniform gift to minor's act as long as the income has been reported to him/her along the way; of course it is possible that no tax return had to be filed if the minor had insufficient income in any particular tax year. So, that said, there's no problem funding a 529 account with those funds.

Customer:

Thank you.

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