About Michael A. Weiss, CFA Expertise I can provide high quality answers to questions about mutual funds domiciled in the United States. Overall, I have 15 years of investment experience. I am currently the Editor of The Mutual Fund Investor, a quarterly publication that provides recommendations and commentary on various no-load mutual funds. I am also currently the Chief Investment Officer of a state registered investment advisory firm that specializes in no-load mutual funds.
Experience Overall, I have 15 years of investment experience. I am currently the Editor of The Mutual Fund Investor, a quarterly publication that provides recommendations and commentary on various no-load mutual funds. To learn more about The Mutual Fund Investor, please visit http://www.mutualfundinvestor.net/. I am also currently the Chief Investment Officer of a state registered investment advisory firm that specializes in no-load mutual funds.My mutual fund experience began at a company called Lipper Analytical Services, where I researched and wrote about mutual funds. Lipper is one of the premier mutual fund research and ratings organizations. After Lipper, I worked as an investment analyst for Merrill Lynch’s multi-billion dollar Mutual Fund Advisor and Selects Programs. I also have experience working with individual stocks and bonds. I have managed investment portfolios for both Merrill Lynch Investment Managers as well as Evergreen Investments.
Organizations CFA Institute
CFA Society of Philadelphia
Publications The Mutual Fund Investor
Education/Credentials CFA charterholder
MBA in Finance and Investments from the Zicklin School of Business at Baruch College
Expert: Michael A. Weiss, CFA Date: 5/16/2007 Subject: Selling Part of Minor's Mutual Fund
Question My daughter has a money market fund (it's under my name, Cust For her name, UTMA/FL) that now has about $45,000 in it. I want to sell about $5,000 so we can buy her a used car. The man at the bank said the first $700 is tax free, the second $700 would be on daughter's tax return, and anything above $1,400 would be on my tax return. Is this correct? Sounds like a complicated tax return.
Does the same principle apply if we sold the entire fund to pay for college (she is 17 now). Thank you.
Answer Hello Caroline,
Thank you for the question. This is primarily a tax issue and may require a state specific tax answer. Unfortunately, I can not give you a specific answer because this is outside my area of expertise (I am an investment expert), but perhaps I can steer you in the right direction.
I would suggest not relying on the bank representative for tax answers. You should seek an accountant/CPA well versed in taxes of your state.
Feel free to ask me any investment related questions, especially with regard to mutual funds. Good luck with the used car.
No need to rate me because I did not provide a specific answer.
Thank you,
Michael A. Weiss, CFA
The Editor
The Mutual Fund Investor
www.mutualfundinvestor.net
