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Topic: Junior ISA  (Read 1384 times)

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Junior ISA
« on: November 06, 2022, 12:31:29 PM »
Hi there
Does anyone have experience with these?

Would my daughter have to potentially pax taxes in the states/declare it as a foreign account?

What is the threshold for both if so?

Thanks a lot
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Re: Junior ISA
« Reply #1 on: November 06, 2022, 01:11:23 PM »
Cash ISA is safe, Stocks & Shares ISAs are NOT.

The only paperwork needed would be an FBAR if over $10,000.  If your name is on the account as well, you’d add the highest amount of you bank account to your child’s.  FBAR is no big deal if you have done one before.
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Re: Junior ISA
« Reply #2 on: November 06, 2022, 02:01:58 PM »
Most likely any income would be reported on the parent's tax return undxer the "kiddie tax" rules.  Accounts are reported both on the child's and the parent's annual FBAR.
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