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UTMA bank account for child - I have a question

My 10 year old did some modeling work and i was asked to open a UTMA account for her so they can deposit her money. This is a bank account for a minor. I understand she cannot withdraw the money until she is in adult. She has about $4,000 in it. This is her money for her when she goes to college or needs a car. My question is, do i need to claim this money when i file my taxes?  And, is the money considered mine also because i am the adult? I am applying for charity care, because i don't have any dental insurance for my children,  and i am currenty unemployed. Now i am scared they will think this money is mine when i apply for charity care.

Can anyone advice me?

Thanks so much.

I forgot to add. She made this money in 2010. My tax preparer filed the taxes for her for that year for the money she made that year.

 
WifeyandMom71

Asked by WifeyandMom71 at 12:32 PM on Jun. 25, 2013 in Money & Work

Level 12 (749 Credits)
This question is closed.
Answers (2)
  • I'm sure the interest $ earned will be minimal. They may send you some kind of form come tax time. But since she's a minor, I doubt you have to claim it. You could always check the IRS.gov website if you are in doubt.

    mrsmom110

    Answer by mrsmom110 at 1:53 PM on Jun. 25, 2013

  • I doubt it but declare the money , or should I say disclose the money and the source when you apply.
    Dardenella

    Answer by Dardenella at 1:11 PM on Jun. 25, 2013

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