topic My mother and I have a joint checking account. She deposits more money than I do into the account. Is there something we have to claim as gift or equally owned? in After you file

My mother and I have a joint checking account. She deposits more money than I do into the account. Is there something we have to claim as gift or equally owned?

dan-whitney — Mon, 03 Feb 2020 22:08:54 GMT

Re: My mother and I have a joint checking account. She deposits more money than I do into the account. Is there something we have to claim as gift or equally owned?

xmasbaby0 — Mon, 03 Feb 2020 23:48:58 GMT

No. Neither one of you has to declare a gift just because you share an account.

Re: My mother and I have a joint checking account. She deposits more money than I do into the account. Is there something we have to claim as gift or equally owned?

libbi1331 — Tue, 04 Feb 2020 02:37:03 GMT

There's always a primary person's social security number that the bank places the interest in their name. This is the person who should claim the interest on their tax return. A 1099-INT document may or may not be sent to the primary person's address it depends on the amount of interest earned.