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Joint savings account and taxes

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MJ312

Junior Member
Florida
have recently found out that a money market savings account was set up with my name on it and was hidden from me. This account was set up by my mother so it also has her name on it.

I am not sure if I am a signatory. I have taken money out before although at that point it was on accident. I had made a withdrawal inside of a banking center and instead of taking the money out a my savings account that I set up they took it out of the one previously mentioned.

I know the interest on this account has never been put into my taxes and I have received documents pertaining to claiming income from this account but I assumed it was a bank error since I did not know of this account.

I am now extremely pissed and fearful that I owe back taxes for this account. My dad works at this bank so I did not want to go in and ask about it until I figured out what I wanted to do.

So, for my questions:
Should I go to a tax attorney or an accountant and have them look at my returns and the paperwork for this account to see if anything is owed?

If I am able to take out funds does that mean I am a signatory and if my name is on the account shouldn't I be a signatory?

I want to close this account or just take all the money out and take it to another bank, can I do this without her permission?
 
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moburkes

Senior Member
An account was set up, and your name is on it. You don't know if you should have paid taxes on the interest, but, in the meantime, you'd like to empty the account and run with the money? Did I get that right?
 

MJ312

Junior Member
Not exactly...

The first thing I would like to do is take the money and pay any taxes that may be owed on it. I really do not need or want the stress of back taxes suddenly showing up.

I want to close the account because the balance has been going up and down and she has started to use it basically as a checking account for large sums. I do not want this to hurt my credit should she overdraw it or have something returned. The savings account is connected to my checking and one withdrawal she made actually took some money out of my checking.
 

moburkes

Senior Member
You'll need to explain how an account that you did not open, is associated with your personal bank accounts for overdraft purposes.
 

MJ312

Junior Member
When I set up my checking

I believe the person I set my checking account up with connected the two accounts. I know that they are linked but I never requested this, I honestly think the bank just set it up.

I believe my name is the primary on the account.
 

moburkes

Senior Member
I believe that you need to contact the bank directly, and get to the bottom of this. That way, you will have facts instead of beliefs.
 

Some Random Guy

Senior Member
the 1099 statements for the interest on this account will be attached on a single Social Security Number. You should be able to find out from the bank whose SSN the interest was reported under for the past year.

If the interest was in your mother's name, then she would be responsible for taxes. Likewise, if you are concerned about overdrafts, have the bank remove the link between the accounts and remove your name from the account.
 

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