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Can assets from an UGMA/UTMA account be transferred to CHET?

April 26, 2017account assets CHET transferred UGMA UTMA

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Can assets from an UGMA/UTMA account be transferred to CHET?

3 Answers

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Yes, though transferring UGMA/UTMA assets into a 529 plan account may result in a tax liability. You should discuss this with your financial advisor.

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… taxpayers may not claim a deduction for a rollover into a CHET account from a non-CHET account or for a transfer into a CHET account from a Coverdell education savings account. ** If you have questions, you may want to consult with your tax advisor. C43570 http://www.aboutchet.com/misc/tax_deduct.

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… this form to open a CHET Account by an individual (typically a parent, grandparent, family member or friend). Custodial Account for a Minor (UGMA/UTMA) Use this form to open an Account under the Uniform Gifts to Minors Act (UGMA) or Uniform Transfers to Minors Act (UTMA). Unlike other types of … http://www.aboutchet.com/account/materials.