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If I add my child to a joint bank account, will I have to file a gift tax return?


The BIDaWIZ Team's Answer:

You can add your daughter to the bank account without any initial gift tax reporting requirements. However, if she withdraws in excess of $14,000 ($28,000 for joint filers) in 2013, you will have to file an information gift tax return via form 709. Please note that you will not have to pay taxes on those monies (neither will she), but you may need to file a gift tax return if she withdraws in excess of the annual gift tax exclusion limit. If you're married, the limit goes up to $28,000 without having to file an informational gift tax return. The only way you may need to pay taxes is if the amount withdrawn exceeds the lifetime gift tax exemption of $5.25 million for single filers and $10.5 million for joint filers.

The BIDaWIZ Team



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