Get the free Form 104 | Ugma/utma Account Agreement

This document is an account agreement for establishing a Uniform Gifts to Minors Act/Uniform Transfers to Minors Act (UGMA/UTMA) account with my529. It includes information about tax benefits for Utah taxpayers, contribution limits, investment options, and important year-end deadlines for contributions and account management.

How to fill out form 104 ugmautma account

How to fill out form 104 ugmautma account

1. Gather necessary information: Social Security Number (SSN) of the minor, SSN of the custodian, and details about the UGMA account.
2. Download Form 104 from the IRS website or obtain a physical copy from a tax office.
3. Fill out the identifying information at the top of the form, including the name of the minor and the custodian.
4. Report all income earned by the UGMA account for the tax year in the appropriate sections.
5. Include any deductions that may apply to the income reported.
6. Calculate the total tax liability based on the income and deductions.
7. Sign and date the form at the bottom where required.
8. Submit the completed form to the IRS by the tax deadline, either electronically or via mail.

Who needs form 104 ugmautma account?

1. Parents or guardians who manage UGMA accounts for minors.
2. Custodians who are responsible for handling funds in a UGMA account.
3. Minors who have earned income and need to report it for tax purposes.

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What is form 104 ugmautma account?

Form 104 UGMA/UTMA is a tax form used to report income earned on accounts established under the Uniform Gifts to Minors Act (UGMA) and Uniform Transfers to Minors Act (UTMA) for minors.

Who is required to file form 104 ugmautma account?

The custodian of the UGMA/UTMA account is required to file Form 104 UGMA/UTMA on behalf of the minor if the account generates income above a certain threshold.

How to fill out form 104 ugmautma account?

To fill out Form 104 UGMA/UTMA, provide identifying information for both the custodian and the minor, report the income earned from the account, and calculate any applicable taxes.

What is the purpose of form 104 ugmautma account?

The purpose of Form 104 UGMA/UTMA is to report income generated by custodial accounts established for minors and ensure that taxes are properly assessed on that income.

What information must be reported on form 104 ugmautma account?

The form requires reporting the minor's name, Social Security number, the custodian's information, details about the income earned, and any deductions that apply.