Tax

Have a tax question? Ask a tax Expert

Ask an Expert,
Get an Answer ASAP!

Related Tax Questions
Are distributions from UTMA accounts taxable? (federal
are distributions from UTMA accounts taxable? (federal and/or TN) … read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
My adult child has a UTMA account. It was set up in the
My adult child has a UTMA account. It was set up in the state of Florida but we are now California residents. She did not work in 2015. As custodian, I used money from the fund to pay for college expe… read more
keeperumiami
keeperumiami
Sr Financial & Tax Consultant
Bachelor's Degree
1 satisfied customers
I inherited a UTMA for my daughter a few years ago. I became
Hello. I inherited a UTMA for my daughter a few years ago. I became the custodian after my mother passed away. Our daughter became rebellious and wasn't making good choices, and last spring, when she … read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
What are the rules for a utma account. California. Can i pay
what are the rules for a utma account JA: Because laws vary from place to place, can you tell me what state this is in? Customer: california JA: Has anything been filed or reported? Customer: no JA: A… read more
Chad EA, CDFA®, CFP®
Chad EA, CDFA®, CFP®
IRS Enrolled Agent, CFP(R),
Master's Degree
2,720 satisfied customers
I just found out that my son's UTMA owes $4000 in back taxes.
I just found out that my son's UTMA owes $4000 in back taxes. I thought there was no taxes due till money taken out. Now I find as soon as items sold I have to pay taxes on the capital gains, regardle… read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
The family of my ex-husband opened an UTMA-NY account in 1999
The family of my ex-husband opened an UTMA-NY account in 1999 when my daughter was born, they keep contributing every year. The grandparents name my ex-husband the custodial of the account. We divorce… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,569 satisfied customers
When removing funds from a UTMA or UGMA accounts or
When removing funds from a UTMA or UGMA accounts for son or daughter college costs, is there anything special that needs to be done to avoid tax or legal implications?… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
I have a question. There is an UTMA brokerage account with
I have a question. There is an UTMA brokerage account with morgan stanley which is doing bad investment wise . I am trying to move it to another company in variable annuity with mom as custodian for b… read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
I set up an UTMA for my minor child many years ago. He is
I set up an UTMA for my minor child many years ago. He is now 16 1/2 yrs old. The two mutual fund accts. have been invested in monthly (dollar cost averaged) for many years. He may not be prepared (ma… read more
socrateaser
socrateaser
1,031 satisfied customers
I just got an alert that my question was answered, but it didnt
I just got an alert that my question was answered, but it didn't come through. The question was, what are the framifications of cashing out an UTMA account and not spending the proceeds on the minor f… read more
Wallstreet Esq.
Wallstreet Esq.
Tax Attorney
Doctoral Degree
586 satisfied customers
I am being taxed because I received pay for caring for my disabled
I am being taxed because I received pay for caring for my disabled adult child. What law states that I can be taxed because I am blood related whereas a person who is not blood related and cares for m… read more
Dr Arthur Rubin
Dr Arthur Rubin
Doctoral Degree
24 satisfied customers
The new federal tax deduction for college tuition applies only
The new federal tax deduction for college tuition applies only for tuition. Unfortunately, not knowing the new law and because of convenience, during the past year we paid my son's tuition directly fr… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,569 satisfied customers
I HAVE HAD A UNIFORM GIFT TO MINORS ACCOUNT FOR MY GRANDSON
I HAVE HAD A UNIFORM GIFT TO MINORS ACCOUNT FOR MY GRANDSON SINCE HE WAS 3 YEARS OLD. HE IS 16 AND WILL NEED MONEY FOR PRIVATE SCHOOL SOON. HOW MUCH CAN I WITHDRAW FOR SCHOOL WITHOUT HIM HAVING TO PAY… read more
Merlo
Merlo
Tax Consultant
558 satisfied customers
I have a 529 plan UTMA in my daughters name. The account has
I have a 529 plan UTMA in my daughter's name. The account has a capital loss. My daughter is a senior in high school and my son is college right now. I would like to use these funds to pay his tuition… read more
Mark D
Mark D
Enrolled Agent
Master's Degree
1,342 satisfied customers
I am an adult family home. Started with Dunn County Human Services
I am an adult family home. Started with Dunn County Human Services about 12 years ago. The money I was paid was never taxable.(Never got a form from them such as w-2 or 1099). Now D.C. has given the c… read more
Merlo
Merlo
Tax Consultant
558 satisfied customers
529 fiduciary responsibility of parent - my ex-wife is the
529 fiduciary responsibility of parent - my ex-wife is the Account Owner for each child's (3) 529 VCSP/College America account also in their names. Child 1-stepdaughter from previous marriage. settlem… read more
Bill
Bill
Master's Degree
2,278 satisfied customers
can you deduct a uniform gift to a minor from your income
Was thinking of starting a UGMA account for my daughters. How much can I give them, and is this a write off on my personal return?… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
can the custodian of UTMA pay tax for the withdraw if the ...
can the custodian of UTMA pay tax for the withdraw if the the child gives the UTMA back to the custodian?… read more
Wendy Reed
Wendy Reed
Master Tax Advisor Enrolled Agent
Master's Degree
60 satisfied customers
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response...

T.G.WMatteson, IL

I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight.

BonnieChesnee, SC

Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation.

JohnMinneapolis, MN

Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with.

OrvilleHesperia, California

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!!

AlexLos Angeles, CA

Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult.

GPHesperia, CA

< Previous | Next >

Meet the Experts:

Wallstreet Esq.

Wallstreet Esq.

Tax Attorney

586 satisfied customers

10 years experience

Mark D

Mark D

Enrolled Agent

1,342 satisfied customers

MBA, EA, Specializing in Business and Individual Tax Returns and Issues

Richard

Richard

Tax Attorney

4,512 satisfied customers

29 years of experience as a tax, real estate, and business attorney.

PhillipsEsq.

PhillipsEsq.

Attorney-at-Law

59 satisfied customers

B.A., M.B.A, J.D.

Robin D.

Robin D.

Senior Tax Advisor 4

15,569 satisfied customers

15years with H & R Block. Divisional leader, Instructor

Megan C

Megan C

Certified Public Accountant (CPA)

8,655 satisfied customers

Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level

jgordosea

jgordosea

Enrolled Agent

2,885 satisfied customers

I've prepared all types of taxes since 1987.

< Previous | Next >

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Show MoreShow Less

Ask Your Question

x