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New york. Om... i won't to know if i open a account can the…

Customer Question
My name is *****...

My name is ***** *****

Lawyer's Assistant: What state are you in? It matters because laws vary by location.

New york

Lawyer's Assistant: Has anything been filed or reported?

Om... i won't to know if i open a account can the fbi see it??

Lawyer's Assistant: Anything else you want the lawyer to know before I connect you?

My question is i want to open a saving account in i am 14 years so i going to use my parents ID in i don't want my parents pay text

Submitted: 1 month ago.Category: Legal
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Answered in 2 minutes by:
1/17/2018
Lawyer: RobertJDFL, Attorney replied 1 month ago
RobertJDFL
RobertJDFL, Attorney
Category: Legal
Satisfied Customers: 14,349
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Thank you for using Just Answer. I am a licensed attorney and look forward to helping you. I am reviewing your question and will reply back shortly.

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Lawyer: RobertJDFL, Attorney replied 1 month ago

Good evening,

The FBI isn't going to see it, but there's no way to avoid paying taxes on money in a savings account. By law, all interest earned on a savings account is taxable, even if it is just a few dollars per year. Financial institutions are required to send you a form known as a 1099-INT for interest earned during the year if you have earned more than $10 in interest during the tax year. If you earned less than $10 in interest from any one account, you may not receive a 1099-INT, but you are still required to report the interest to the IRS and pay any taxes due on it.

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Customer reply replied 1 month ago
kids have to pay taxe?
Lawyer: RobertJDFL, Attorney replied 1 month ago

Indeed. The government wants their share.

The most popular savings options for children are 529 programs and custodial accounts, called UGMA and UTMA for Uniform Gifts to Minors Act accounts and Uniform Transfers to Minors Act accounts. A 529 plan is a state-sponsored program to save money for college. UGMA and UTMA plans put money into a savings or investment account, which can be used for any purpose. Because the money still belongs to you (even if set up by your parents) it would normally be taxed at a lower rate, but it is still taxable.

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