For UGMA/UTMA accounts, all of the following statements are true except:
A. They are custodial accounts set up in a child’s name
B. They are taxed at child’s rate
C. They are an irrevocable gift for the child
D. They can be used for any purpose by the child
Answer:B
For UGMA/UTMA accounts, all of the following statements are true except:
A. They are custodial accounts set up in a child’s name B. They are taxed at child’s rate C. They are an irrevocable gift for the child D. They can be used for any purpose by the child