What is a UJMA account?
The taxable amount of the distribution will be subject to the marginal tax rate of the owner of the UTMA account in NJ when the 1040 federal income tax return is completed correctly.
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Is there a penalty for not transferring a UGMA UTMA account to the child when heshe reaches the age of majority?
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In Georgia the age of majority is 18, however the age of termination of a UGMA or UTMA is 21.
If the account was created before September 1, 1995 the age is 18 under grandfathered UGMA law. If the account was created AFTER September 1, 1995, the age of termination is 21. http:/www.finaid.org/savings/ageofmajority.phtml http:/www.fairmark.com/custacct/index.htm See above links for further info.
No, they are not of legal age. Their guardian must do it.
yes
well it says that there is not an age that a child can start to babysit in NJ. that means that there is not an age present
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Yes I can.