Custodial Savings Accounts

Discussion in 'Countable Income' started by Steve Wilner, Aug 16, 2017.

  1. Steve Wilner

    Steve Wilner Newbie

    My mother has a couple of custodial savings accounts for her minor grandchildren. Are these accounts considered part of her assets that have to be reported on the form or not ? They are small amounts and do not make much of a difference in her total assets.

    Secondly. do you need to provide copies of all savings and checking and IRA accounts even if a balance is very small ? Would the latest one for each account be enough to include ?

    Thanks, Steve
  2. Honor First

    Honor First Newbie

    If it is her money, and the bank account is in her name, it has to be reported.
    Kaylin likes this.
  3. Steve Wilner

    Steve Wilner Newbie

    These custodial accounts have the names of both my mother and the grandchildren and their social security # - but the amounts are small so I will just include them. They get about 4 cents interest combined for the month - so I guess I have to report that interest to - kind of ridiculous. Thanks, Steve
  4. Kaylin

    Kaylin Hero Member Staff Member

    As @Honor First said, if they are in her name then I would suggest reporting them.

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