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04-16-2008, 10:32 AM
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| Joint Account With Child Receiving Personal Injury Settlement? My daughter is due to receive a settlement payment for a personal injury. The funds are due to be transferred around her 18th birthday and we are NYC residents. I am curious if I personally will have any tax liabilities (Head of Household, single parent) because she and I share an account? The amount is over $10,000.00. I am going to have her open an ING account and she is scheduled to speak with Fidelity advisors but is there something I need to do like separate our accounts, etc.? What about transferring money to different accounts solely in my daughter's name?      |
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