I opened a savings account when I was sixteen. My mom's friend opened it with me. I am now twenty years old. I am still the minor, because we have not both gone to the bank to sign me as the primary account owner. If it stays as it is now, in legal eyes I can say none of the money in the account is mine. If technically, all the money belongs to whomever is first on the account, regardless if I am twenty now, and if in the future the money is put in my name, will I have to pay taxes on it?
A joint account is a joint account, and the order in which the account owners is listed is immaterial. Each of you has ownership of the entire balance and each of you can withdraw it all. In virtually all states, you became an adult when you reach eighteen.
Income taxes aren't assessed based on account ownership or balances. They are based on taxable income. For details on tax rules, speak to a qualified tax advisor.
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A joint account is a joint account, and the order in which the account owners is listed is immaterial. Each of you has ownership of the entire balance and each of you can 