I am an indian citizen working in USA and having US Green Card . I file my income tax return
jointly with my wife as Married filing jointly
. I have a 11 yrs old kid studying here in USA with me . Please clarify the below :
(1) Can i transfer funds from my bank account to my kid's bank account so as to save tax on interest
income as the unearned income in the name of kid's account is tax free up to $2000 a year ?
(2) Can i withdraw any amount of funds from my kid's bank account any time for any use (anyway i will be the signing authority in my kid's account till he get the age of 18 yrs ) ?
(3) Does it make any difference if i open my kid's account here in USA or in India ?
(4) Do i need to show unearned income of my kid anywhere if it is less than $2000 in a year because some people say no need to show if it is less than $1000 in a year but need to show if it is between $1000 to $2000 in year ,............... i am confused ........ please clarify in detail ?
(5) If all of us
i.e., me , my husband and kid have bank account in India , will the FBAR Filing
condition of $10,000 apply individually to each of us (i.e., 10K for me , 10K for my husband & 10K for my kid) or collectively $10K for us ?
(6) If my spouse does not have any signature authority in regard with my bank account in India but he is authorised to operate my Bank Locker in which i have only important papers & photographs , so do FBAR limit also apply to bank locker ?
(7) Do i need to mention my kid's unearned income anywhere in my Income Tax Return with my spouse ?