Would the addition of me to my hubby's stock account increase tax?
Question:
Answer:
No as its a joint asset either way having your name on the account is just a formality anyway from a tax standpoint.
No.
If you are filing jointly it will have no effect, if you are filing separately it will complicate your life considerably
Not in the least.
The only way it could do that is if you file taxes seperately. (ie Married Filing Seperately). If you file jointly, the assets will be viewed as joint assets regardless. In the case of an IRA or 401K, you cannot have your name added to the account.
There are no tax penalties for shared income among married couples except insofar as they've chosen to file taxes seperately (to allow for itemized deductions). I'm more interested though in why you are asking this question in the first place. Did your husband tell you that to avoid putting you on the account?
No. But keep in mind that only when you sell a stock you report it. so as long as you keep it rolling over and purchasing only you good.
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