Tax consequences of liquidating a utma

However, advance planning can often result in better tax results.

Note that state income taxes are also due, where applicable. Be warned that your child could have different priorities for the assets in the account than you do. For financial aid purposes, custodial assets are considered the assets of the student.

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The later distribution of the remaining cash sales proceeds to the shareholders will usually have no corporate-level tax consequences.

Shareholder-Level Tax Results For federal income tax purposes, each shareholder’s receipt of the liquidating corporate distribution amount is treated as a sale of all the shareholder’s stock in exchange for the distribution.

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