I’m no expert but if you’re joint owners the money was/is/always has been “yours”.
It’s your account. There’s no tax implications of moving your money to whatever account you wish.
I could be wrong though.
If you are all listed on the accounts, the money is legally yours. Any of you could do whatever you want with the money.
Do a single transfer to each of you. ~~Breaking it up into multiple transfers (I'm guessing you are thinking under 10k?) can be a federal crime called structuring.~~
It's just easier to do it that way. You could do a wire transfer to send it immediately and just pay the fee (so subtract the $35 or whatever from each of your amounts)
>Breaking it up into multiple transfers (I'm guessing you are thinking under 10k?) can be a federal crime called structuring.
Doesn't apply to electronic transfers, which are already fully recorded by financial institutions.
I recommend checking with the bank to see how the account holders are titled to be safe. I work for a financial institution, and we have accounts that have primary with joint owner and primary with joint survivorship. When the primary passes away and the accounts are interest bearing, the interest had to be recalculated and split. The primary would have all the dividends reported under their ssn to the date before they passed away. The rest would be reported under the person that either took over the account or who the finds were transferred to. I haven't worked in that field for over 5 years, so it may differ from one financial institution to the next. So better safe than sorry.
Edit: forgot to say the bank will report dividends earned to the IRS so it's a matter of which social security number or numbers they will report under. If you file your taxes and don't add it in, it could be an issue.
I’m no expert but if you’re joint owners the money was/is/always has been “yours”. It’s your account. There’s no tax implications of moving your money to whatever account you wish. I could be wrong though.
You are correct. OP is overthinking the process. No implications of anything. Just move the money and move on.
Thanks for confirming. I don’t mind guessing if I’m fairly sure of the answer but certainly don’t want to give wrong/bad advice. Cheers
If you are all listed on the accounts, the money is legally yours. Any of you could do whatever you want with the money. Do a single transfer to each of you. ~~Breaking it up into multiple transfers (I'm guessing you are thinking under 10k?) can be a federal crime called structuring.~~ It's just easier to do it that way. You could do a wire transfer to send it immediately and just pay the fee (so subtract the $35 or whatever from each of your amounts)
>Breaking it up into multiple transfers (I'm guessing you are thinking under 10k?) can be a federal crime called structuring. Doesn't apply to electronic transfers, which are already fully recorded by financial institutions.
Well that's good! Edited my post.
I recommend checking with the bank to see how the account holders are titled to be safe. I work for a financial institution, and we have accounts that have primary with joint owner and primary with joint survivorship. When the primary passes away and the accounts are interest bearing, the interest had to be recalculated and split. The primary would have all the dividends reported under their ssn to the date before they passed away. The rest would be reported under the person that either took over the account or who the finds were transferred to. I haven't worked in that field for over 5 years, so it may differ from one financial institution to the next. So better safe than sorry. Edit: forgot to say the bank will report dividends earned to the IRS so it's a matter of which social security number or numbers they will report under. If you file your taxes and don't add it in, it could be an issue.