How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Barbara Your Own Question
Barbara
Barbara, Enrolled Agent
Category: Tax
Satisfied Customers: 2829
Experience:  18+ years of experience in tax preparation; 25+ years of experience as a real estate/corporate paralegal.
71603090
Type Your Tax Question Here...
Barbara is online now
A new question is answered every 9 seconds

I have created a joint custodial bank account son to

Customer Question

I have created a joint custodial bank account for my son to save money for college. By putting money into this account, is this considered a gift? Is there a tax consequence?
Submitted: 8 months ago.
Category: Tax
Customer: replied 8 months ago.
(Posted by JustAnswer at customer's request) Hello. I would like to request the following Expert Service(s) from you: Live Phone Call. Let me know if you need more information, or send me the service offer(s) so we can proceed.
Expert:  Barbara replied 8 months ago.
Welcome to Just Answer. My name is ***** ***** I will be happy to assist you.There are no limits to the amount of money that can be deposited into a custodial savings account, but amounts over $14,000 are subject to the gift tax. This means if you deposit more than $14,000 into the account during a tax year, you will be required to REPORT the gift on Form 709. No tax will be due unless you have exceeded your lifetime gift cap of $5.43 million.http://www.learnvest.com/2011/07/what-you-need-to-know-about-custodial-savings-accounts/https://www.irs.gov/uac/About-Form-709Please let me know if I can assist you further.Thank you and best regards,Barb
Expert:  Barbara replied 8 months ago.
Just following up with you to see if you have any other questions or concerns. If so, please come back to me here, and I will be happy to assist you.Best regards,Barb

Related Tax Questions