Message Font: Serif | Sans-Serif
 
No. of Recommendations: 1
I just found out about an account opened under the UTTMA for my wife when she was a minor (now 27) -though I don't think she has control over it as my MIL still appears as the custodian on the account.

I've never heard of a UTMA account that can't be moved into the beneficiary's name at majority, which is well in your wife's rear view mirror. Step one is to do that, at which point she'll have access to whatever information she can glean. I wouldn't worry about unreported income since the IRS will be in touch if there's a problem. It may be easy to find out basis once she knows what's in the account.

Phil
Rule Your Retirement Home Fool
Print the post  

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.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! 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.