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June 11, 2021
Question

If someone's income is deposited into your account. Do you file for it because it's your bank or do they?

  • June 11, 2021
  • 1 reply
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If someone else's income is being deposited into an account you rarely or never use. Do you have to file that as tax even though you never touch or spend it and withdraw it for that person to use? If the tax form has their name and address on it that means they still collectively have to file that income for themselves despite the bank/account owner, correct?

    1 reply

    Employee
    June 11, 2021

    Correct. You have no tax liability for that money deposited in your account but if it earns interest in your account you would have to report that interest as income.