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I have created a joint custodial bank account son to

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I have created a joint...
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: 1 year ago.Category: Tax
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Customer reply replied 1 year 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.
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4/6/2016
Tax Professional: Barbara, Enrolled Agent replied 1 year ago
Barbara
Barbara, Enrolled Agent
Category: Tax
Satisfied Customers: 4,065
Experience: 20+ years of experience in tax preparation; 30+ years of experience as a real estate/corporate paralegal.
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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
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Tax Professional: Barbara, Enrolled Agent replied 1 year 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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Barbara
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