Anonymous

29 Nov 2022

∙

If couple send money to an separate account under my name to maintain savings am I still need to declare the money in tax? Will I be liable to pay tax since the account is under my name?

We both are foreigners. Inorder to make a disciplined savings monthly we use to send 30% of our salary to an account under my name as savings. Since the bank account is under my name should I declare my wife contribution to iras? am I taxable for my wife 30% contribution to that savings account?

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Just_Saying

20 Dec 2022

The tax is based on your income, not the amount of money you have in any savings account. Transfering money out of your salary crediting account does not reduce your taxable income.

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1M45

30 Nov 2022

No need to pay tax. Is not an income.

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