Ugma Contribution Limits 2024. Every year, each parent can give. Key benefits of an ugma/utma.
Uniform transfers to minors act (utma) explained. This amount is indexed for inflation and may increase.
Individuals Can Contribute Up To $18,000 Free Of Gift.
There are no contribution limits for ugmas or utmas.
8 Just Be Aware There Is Also A Lifetime Gift Tax.
This amount is indexed for inflation and may increase.
Every Year, Each Parent Can Give.
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However, There Are Some Tax Consequences That You Should Keep In Mind.
For 2023, the limit is $17,000, allowing you to contribute up to $17,000 without worrying about the federal gift tax.
Utma And Ugma Accounts Are Types Of Custodial Accounts That Allow You To Save And Transfer Financial Assets To A Minor Child Without Establishing A Trust.