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#712893 - 04/06/07 06:44 PM W-9 Certification on UTMAs
etm614 Offline
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etm614
Joined: Jan 2003
Posts: 695
Massachusetts
If the custodian of a UTMA account is not the parent or guardian of the minor, and they do not want the parent to know about the funds, how should we handle the signature on the W-9? This would be for minors too young to sign at all. My understanding is that the custodian is not authorized to certify the minor's TIN. Can the W-9 be filled out and left unsigned with a notation that the individual is a minor? How do others handle these sticky situations?

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#713205 - 04/07/07 12:42 PM Re: W-9 Certification on UTMAs etm614
rlcarey Online
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rlcarey
Joined: Jul 2001
Posts: 83,227
Galveston, TX
"and they do not want the parent to know about the funds"

That gets to be a litle tricky as depending on the total income of the minor, the parents (under the new tax laws) have to include that income on their taxes. I bet it would be a shock finding that 1099INT during a Federal tax audit by the IRS.
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#713350 - 04/09/07 03:20 PM Re: W-9 Certification on UTMAs rlcarey
etm614 Offline
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etm614
Joined: Jan 2003
Posts: 695
Massachusetts
It's really a sad commentary on the situation in some families. It would be rare for any of these accounts to have sufficient funds in them and earnings to cause a tax issue for the parents.

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