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Who do you work for? https://www.alexscheele.co.uk/uk-rxcartcom-35e3.pdf uk-rxcart.com The main advantage of Uniform Gifts to Minors Act or Uniform Transfers to Minors Act accounts is the ability to save without paying taxes on up to $1,000 in earnings, no matter what the child will eventually use the money for in the future. The next $1,000 dollars is taxed at the child's federal income rate, which is normally lower than what the parents would be taxed, Francis says. If the $1,000 is the child's only income that year, no tax would be charged because the standard deduction would cancel it out, she says.
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