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Reply to "question about UTMAs : allowable expenditures, how to expend the funds?"
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[quote=Anonymous]What I did was spend the UTMA on DC as we went (day care, lessons, camp, etc.). Then I put our own earned funds into a 529 for DC. This is better because they don't like you "saving" the UTMA, it's supposed to be used for DC's needs now. And also you get the tax break for the 529 if your state allows that. At first I was just saving it for a rainy tuition day, but I got audited for that. I guess they think you'll eventually steal it or something if you don't use it as it comes in for your child. I think acceptable expenses are everything to do with your child including his/her portion of the mortgage, food, utilities, etc. I found it was pretty easy to spend it down. Also you want to get the funds out of the UTMA because if you don't they legally belong to your child at age 18 (at least in our case they will). [/quote]
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