The Tax Questions Blog

Question: Transferring custodial accounts?

I would like to transfer my 2 kids custodial bank accounts from a bank to their custodial brokerage accounts. The bank will only let me transfer the money to my personal checking account then I will need to write a personal check and deposit it into their brokerage accounts. Will this cause a taxable event because of the “Uniform Gift to Minors Act”; the amounts will be over $15k each?
Note: Bank will ONLY allow transfer to my personal checking, they rejected a direct transfer.

Answer: Have the brokerage account managers arrange the transfer directly into the brokerage account.

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