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re: 14 Year Old Wants to Invest
Posted on 4/9/17 at 8:30 am to CaptainJ47
Posted on 4/9/17 at 8:30 am to CaptainJ47
I have UTMA accounts set up for my kids. The only disadvantage is that it counts towards an asset of the child when applying for financial aid for college.
They are allowed a certain amount of tax free unearned income through the account ($1050 in 2017 I believe) that can lower your tax burden. The next $1050 is taxed at the kids rate, and then any gains over that are taxed at the parent's rate. I'd suggest reading all the rules prior to starting one, but it seemed to be a pretty good deal for my situation.
ETA: It was really easy to setup using Vanguard, btw.
They are allowed a certain amount of tax free unearned income through the account ($1050 in 2017 I believe) that can lower your tax burden. The next $1050 is taxed at the kids rate, and then any gains over that are taxed at the parent's rate. I'd suggest reading all the rules prior to starting one, but it seemed to be a pretty good deal for my situation.
ETA: It was really easy to setup using Vanguard, btw.
This post was edited on 4/9/17 at 8:30 am
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