Family Issues

Good question.

First, to make sure I understand the facts, I’ll summarize the background. You’re saying that as a minor, you earned money in the past. Because you were a minor, your mother set up multiple bank accounts (in your name – not hers) at her bank and deposited your earnings in those accounts. Presumably, if there were any taxes to file and pay on your earnings, that was addressed annually, along the way. Now, you are an adult and wish to transfer money to a new bank account.

Based on the facts you stated, the money being transferred to a new bank account would not count as income. I imagine that you should have no trouble getting access to the funds in the old bank to transfer to the new bank because the multiple accounts at the old bank are all titled in your name. Even if it was the case that your mother was a joint owner on those accounts, you’d still full access because each of you is a joint owner (in my hypothetical).

Keep in mind, your fact pattern doesn’t specify what type of account is involved, so I assuming they’re just plain bank accounts, such as checking, savings, money market, or certificates of deposit. Depending on the type of account involved (such as a traditional IRA or Roth IRA), they answer might change.

I hope that helps.