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AndrewA87
Level 5
December 7, 2023
Solved

Tax implications with joint checking accounts

  • December 7, 2023
  • 6 replies
  • 103 views

Are there any tax implications with joint checking accounts with a parent and an adult child and the adult child is primary on the checking account?

    Best answer by Bsch4477

    No, that’s not income to the other person but if the amount is substantial it could be considered a gift. 

    6 replies

    Level 15
    Bsch4477Level 15
    Level 15
    December 7, 2023

    Any interest paid to the account will be reported by the one whose social security number is on the account. 

      Mike9241
      Level 15
      Mike9241Level 15
      Level 15
      December 7, 2023

      @AndrewA87 if either or both of you are paying tax-deductible expenses, keep those receipts because if you are ever audited, the IRS may ask for proof that the expense is really yours and not the other party's. The same for deposits. This is totally at the discretion of the IRS auditor (or even the state auditor if you have state income taxes) 

      Mike9241
        AndrewA87Author
        Level 5
        July 8, 2025

        If one of the owners deposits money into the joint account is that considered taxable income for the other owner of the joint account?

        Level 15
        Bsch4477Level 15Answer
        Level 15
        July 8, 2025

        No, that’s not income to the other person but if the amount is substantial it could be considered a gift. 

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