Tax consequences of liquidating a utma

Posted by / 14-Oct-2017 00:40

Tax consequences of liquidating a utma

Each year, the payout value of a GET unit represents 1/100th of the actual resident, undergraduate tuition and state-mandated fees at Washington’s most expensive public university.Today's unit purchase price is higher than the current payout value because the state guarantees your GET account will keep pace with tuition in the future, no matter how much it changes.Your student has up to ten years after his or her selected benefit use year to begin using the GET account.

You can request a refund (see our Refund and Cancellation policy, available on the Forms page, for details).The GET Committee sets the unit price annually, and may adjust it once annually, if needed, to ensure financial stability for the program.The payout value of a GET unit is established at the beginning of each academic year when the state public universities set their tuition rates.Fewer units may cover two years at a local community college.There are also other expenses to plan for, such as books, room and board, and supplies.

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