The funds in the account belong to the Minor. Both you (Parent/Guardian) and the Minor should consider the tax consequences of funding the account. Earnings on the account may require the Minor to file a tax return and pay taxes on those earnings, or, if you and the Minor meet certain requirements, you may elect to include such earnings on your (Parent’s/Guardian’s) tax return to pay the applicable taxes. Additionally, funds used to open the account may be subject to gift taxes if given by you (Parent/Guardian) or other third party. This is only a summary of some of the tax implications of opening an Invstr Jr account. You should consult your tax advisor regarding the federal, state, and local tax consequences and/or potential impact to future student aid by opening an account with respect to your and your Minor’s personal situation.
Who is responsible for taxes and fees associated with the Invstr Jr account?
More questions?
You can contact the Support Team or Invstr+ Support Team.