nsaology.blogg.se - Control Switch On by Ira Teller

This is only a summary of some of the tax implications of opening a Youth Account. Additionally, funds used to open the account may be subject to gift taxes if given by you (parent/guardian) or other third party. Earnings on the account may require your teen to file a tax return and pay taxes on those earnings, or, if you and your teen meet certain requirements, you may elect to include such earnings on your (parent's/guardian's) tax return to pay the applicable taxes. Both you (parent/guardian) and your teen should consider the tax consequences of funding the account. The funds in the account belong to your teen. (Please allow 2 business days for this process.)Ĭan I open a Youth Account for my teen who resides outside the US?

Once that last step has been completed, any funding links between your Fidelity account and your teen’s account will be activated.

Once logged in, your teen will also have to accept the Youth Account Terms of Agreement.

Download the Fidelity Mobile ® app and accept the Terms of Agreement.

(NOTE: If steps are incomplete, the account will not be available to receive funds or trade.) Your teen will have to: Once you complete the application process and submit the required documents, your teen will receive an email/SMS text with next steps.

Upload images of physical documents of your teen’s Social Security card, plus one of the following: a current passport, birth certificate, driver’s license, or school ID.

Have an existing Fidelity brokerage or Cash Management Account.

There are a few regulatory and legal steps you and your teen will have to complete first. You, the parent or guardian, and your teen can open this brokerage account together.