Having over $10k deposited in my account

Seattleallstar · #1 01-13-2010, 10:34 AM

I was wondering if someone could help me out here, my dad is having some of his retirement fund deposited into my account in an amount over $10k. I was wondering if there would be any further implications tax or otherwise, other than the bank reporting a deposit of over 10k came into my account. The money itself is coming from the US Govt.
Thanks

gales0678 · #2 01-13-2010, 11:04 AM

Quote:

Originally Posted by Seattleallstar

I was wondering if someone could help me out here, my dad is having some of his retirement fund deposited into my account in an amount over $10k. I was wondering if there would be any further implications tax or otherwise, other than the bank reporting a deposit of over 10k came into my account. The money itself is coming from the US Govt.
Thanks

i believe you can give anyone 11k a yr tax free , once you go over that amount it becomes taxable

as for retirement $$$$ , that is another ball game , that i don't know everything about jerry , there are a lot of rules about that

gales0678 · #3 01-13-2010, 11:08 AM

jerry it is now 13k that is the exclusion

your can get a gift of 13k from your father and it will be tax free to you

as for him taking out $$$ from a retirement a/c i don't know there are a lot of rules where he may or not maybe taxed

Seattleallstar · #4 01-13-2010, 11:58 AM

thanks gales i appreciate it, its weird cause when i asked my bank and other banks. They really had no answer or clue other than they would report it to the IRS, ask for my occupation and salary.