How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Lane Your Own Question
Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 10469
Experience:  Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
1929974
Type Your Tax Question Here...
Lane is online now
A new question is answered every 9 seconds

My step daughter is the record ACF for her daughters UTMA

This answer was rated:

My step daughter is the record ACF for her daughter's UTMA account maintained at the Chase Bk in the amount of $98,808.

I want to know if the Chase issue on a yearly basis a Form 1099 or similar form to the IRS and to my step daughter and if the Chase provides the balance of the account at the end of the year.

Lane :

Yes, the 2099 would be issued in the child's name

Lane :

And yes, Chase must, byt law provide a statement of some sort ... it IS possible that the custodian on the account chose to receive statements and account information electronically

Lane :

On UTMAs, in 2013, the first $1,000 of a child's income generally is tax-exempt, the next $1,000 of unearned income generally is taxed at the child's tax rate, and unearned income over $2,000 generally is taxed at the parent's tax rate if the child is under age 19 (or is a full-time student under age 24) at the end of the year

Lane :

I still don't see you coming into the chat session, so I'll move us to the "Q&A" mode. … Maybe that will help … (We can still continue a dialogue there, just not in real-time chat, as we can here)

Lane :

Let me know if you have any more question on this at all

Lane :

Lane



Hi Carmen,

… just checking back in here, as I never saw you come into the chat.

Let me know if you need anything else at all on this ...

Lane
Lane and other Tax Specialists are ready to help you