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Marvin,EA
Marvin,EA, Enrolled Agent
Category: Tax
Satisfied Customers: 1672
Experience:  Enrolled to Represent Taxpayers Before The IRS
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My son is single and has certificates of deposit in his name

Customer Question

My son is single and has certificates of deposit in his name only. He is going to add my name jointly (his father) to the cd's. Does this create any other issues?
Submitted: 8 years ago.
Category: Tax
Expert:  Marvin,EA replied 8 years ago.

Hello and thank you for using Just Answer. How old is your son? Who pay for the CD? Why is going to add his father name to the CD?

Customer: replied 8 years ago.
My son is 39. He bought the cd. There is no special reason he is adding my name except he wants me to jointly hold it with him.
Expert:  Marvin,EA replied 8 years ago.
The only issues putting his father name on the CD is if his father withdrawal over $12,000 from the CD your son would have to file a gift tax return with the IRS for the amount over $12,000 withdrawal by his father.
Marvin,EA and 2 other Tax Specialists are ready to help you
Expert:  Marvin,EA replied 8 years ago.
There is one thing about adding your name to your son CD, both you and your son would be responsible for reporting the interest earned to the IRS. The amount of interest earned will be in both you and your son name and Social Security Numbers.

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