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Ask Lane Your Own Question
Category: Tax
Satisfied Customers: 12679
Experience:  Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
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My step daughter is the record ACF for her daughters UTMA

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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 :


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 and 4 other Tax Specialists are ready to help you