Joint Account Features
When an account is owned by more than one individual, it is technically called a “joint” account. To be a joint account, all the owners must sign the new account agreement. Likewise, an account cannot be closed without all the joint owners agreeing to close the account.
A joint account functions virtually the same as an individual account when it comes to taxes, with each individual’s share of the profits or losses being reported on their individual tax return. However, a joint account functions slightly differently when it comes to transferring ownership, especially in the event