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jra5588
Returning Member

Joint Checking Accounts

I recently got engaged and want to open a combined checking account between myself and my partner. I understand that there might be a gift tax trigger, but I don't really understand when/if this will occur? What other tax consequences do I need to consider?

 

I simply want to have a joint checking account that we can each have our salaries directly deposited into and pay expenses from. Does it matter if one of us makes more than the other? Also what would happen if i transferred money from the joint account into a separate joint checking (or brokerage) account? Both accounts would be under the same bank (Schwabb), I just want it to be easy for us to deposit money into and transfer any leftover into savings (brokerage account).

1 Best answer

Accepted Solutions
tagteam
Level 15

Joint Checking Accounts

The annual threshold for filing a Form 709 (gift tax return) is $15,000.

 

See https://www.irs.gov/instructions/i709#idm140554828343488

 

Regardless, since you are not yet actually married, you might want to discuss your plan with a legal and/or financial advisor; there is more to your proposed transaction than income tax or gifting issues.

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1 Reply
tagteam
Level 15

Joint Checking Accounts

The annual threshold for filing a Form 709 (gift tax return) is $15,000.

 

See https://www.irs.gov/instructions/i709#idm140554828343488

 

Regardless, since you are not yet actually married, you might want to discuss your plan with a legal and/or financial advisor; there is more to your proposed transaction than income tax or gifting issues.

View solution in original post

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