#custodial

Custodial Account Taxes

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Custodial Account Taxes I am the custodian of my brother’s custodial account (we have a big age gap). My parents aren’t very savvy on investment planning so I became the custodian. I am just putting everything in VOO for him, until he reaches a certain age. My understanding is that for the dividends of that account, that would mean I would be liable for paying taxes on…

Reddit Personal Finance 1.2k 2024-12-22

529 Vs Custodial IRA

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529 Vs Custodial IRA My wife and I are having our first child in NC and I’ve been trying to decide the best way to invest for education costs in the future. NC has no state tax benefits for 529 plans. I was considering opening a custodial IRA and gifting a certain % of shares of my small business to our daughter so she has earned income. Would that work to allow me …

Reddit Personal Finance 383 2024-05-05