Ok, I'm going to talk this over with the Mrs, but I want to know the tax implications.
I want to start putting some of my paycheck into a savings account my son has. He's almost 13, so he's still a minor, but I'm wondering what the tax implications are there. The money would be "post tax". In other words, I get taxed on my full pay, and then they would take the money and put it into the appropriate accounts.
It wouldn't be a huge amount of money. I usually get paid on a bi-weekly basis, so that's when I'd put money in.
For the savings for my wife and I, I'm not too worried. I'm just curious about the tax implications for my son's savings. I wouldn't think he would have to pay, but I don't know, so I'm asking. We give him $$$ anyway from time to time for chores and such, but I want to start putting money in his account regularly.
I want to start putting some of my paycheck into a savings account my son has. He's almost 13, so he's still a minor, but I'm wondering what the tax implications are there. The money would be "post tax". In other words, I get taxed on my full pay, and then they would take the money and put it into the appropriate accounts.
It wouldn't be a huge amount of money. I usually get paid on a bi-weekly basis, so that's when I'd put money in.
For the savings for my wife and I, I'm not too worried. I'm just curious about the tax implications for my son's savings. I wouldn't think he would have to pay, but I don't know, so I'm asking. We give him $$$ anyway from time to time for chores and such, but I want to start putting money in his account regularly.
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