I am trying to deposit a check made to my child. It's a reimbursement of medical expense. The medical expense was paid in full by me and now is being reimbursed. But they made the check to the patient's name instead of the parent who paid the bill. So I assume it's not considered income and taxable?
Ally online bank won't let me deposit the check into my account because it's in the child's name. They said to open a custodial account. Can someone please give me a run down of the rules of this type of account? Can I withdraw money out of this account and move to my own account without tax consequences?
I also have a Wells Fargo so I probably will try to go to the branch later to see if I can deposit it there. But want to ask about the custodial account in case it doesn't work out.
Thank you!
Ally online bank won't let me deposit the check into my account because it's in the child's name. They said to open a custodial account. Can someone please give me a run down of the rules of this type of account? Can I withdraw money out of this account and move to my own account without tax consequences?
I also have a Wells Fargo so I probably will try to go to the branch later to see if I can deposit it there. But want to ask about the custodial account in case it doesn't work out.
Thank you!
Statistics: Posted by Love4Learning — Wed Aug 28, 2024 9:10 am — Replies 5 — Views 214