H1b Parents-> US Citizen Baby Bank Account-> Baby's bank account limitations

[tamilsingam]

I'm on H1b visa, my baby is us citizen. I have opened a bank account on my baby's name (I'm a joint owner of his account). Is there any limitation to deposit my earnings in my baby's bank account ? Is there any procedure do i need to follow ? Can I transfer some money from my account to my baby's account ? Is there any restriction on this ? How to pay tax for the money which is in my baby's bank account ?

[immihelp]

Unlike India, beware that, whenever you transfer money into your child's account, you are really giving a gift to your child. If you are giving more than $13,000 gift in a given year, you will have to file gift tax return.

Whatever interest etc. is earned in the kid's bank account, you will have to file income tax return for that child.

By the way, why are you transferring money into kid's account?