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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.
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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.
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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. 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

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