Message Font: Serif | Sans-Serif
 
UnThreaded | Threaded | Whole Thread (3) | Ignore Thread Prev Thread | Prev | Next | Next Thread
Author: venny Big red star, 1000 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 121095  
Subject: Re: UGMA Question Date: 8/13/2001 2:39 PM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 0
Gary11112 asks:" The funds are in a brokerage account and writing a check directly on the account is not an option. For private school
tuition due in December, would I withdraw the funds for myself and then
write a check from my account to the school, or would I write the check to the school first and then reimburse myself from the UGMA account? Or
does the sequence matter? Can I reimburse myself for tuition paid in June of this year? What about expenses from last year? What about expenses from five years ago?"


IMHO the sequence of writing the checks or withdrawing the funds is of not that much importance. The documentation to support your actions will be of importance. Now for how many years you go back may be rely on the date that the UGMA started. Certaimly you can be reimbursed for expenses incurred in Junes. Going back many years may be looked on as manipulative.

venny
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Print the post  
UnThreaded | Threaded | Whole Thread (3) | Ignore Thread Prev Thread | Prev | Next | Next Thread

Announcements

Disclaimer:
In accordance with IRS Circular 230, you cannot use the contents of any post on The Motley Fool's message boards to avoid tax-related penalties under the Internal Revenue Code or applicable state or local tax law provisions.
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and "#1 Media Company to Work For" (BusinessInsider 2011)! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.
Advertisement