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'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.
Answer by mrsmom110 at 1:53 PM on Jun. 25, 2013
Answer by Dardenella at 1:11 PM on Jun. 25, 2013
Next question in Money & Work
How much money do you pull in a month extra for your family?