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ACCOUNT TYPES

Joint Account – Retired

Joint accounts provide an opportunity to contribute to shared, taxable assets. There is no limit to the amount that can be purchased and withdrawals can be made at any time. Earnings, gains and redemptions are all taxable events recorded in the year in which they occur.

Joint accounts can be owned by two or more different people and are popular among married couples. As with any ownership held jointly, the owners can make most decisions together. This includes the ability to pick any type of investment option based on your risk tolerance and investment goals.

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This type of taxable account is a form of joint ownership between two or more individuals, each of whom has an undivided interest. Owners share the assets completely. This doesn't necessarily mean the account is funded equally by each individual. Upon the death of one owner, the entire account passes to the survivor(s).

This type of account has many of the same benefits and features of other taxable accounts. The legal term for this type of account is called Joint Tenants with Rights of Survivorship (JT WROS) and it is generally the most widely used account type for multiple owners, including spouses.

Community Property (COMM PROP) is another type of account with more than one owner, but it’s only found in certain states. The ownership is between spouses; all property acquired during the marriage is generally presumed to be community property, unless otherwise designated. In the event of death, the decedent’s portion passes to their estate, rather than directly to the surviving spouse.

Tenants in Common (TEN COM) is a type of joint account that consists of two or more individuals or entities, each of whom has a divisible interest. This means they own equal portions of the account. Sometimes this is split two, three or four ways. Upon the death of one owner, that portion of the account passes to their estate.

For any joint account, all owners must be at an age of majority for their state of residency.

 

Is a Joint Account right for you?

A joint account gives the owners the flexibility to make all the investment and other important decisions about when and how to use the proceeds of the account.

Tax Features and Investments

What are the tax features? Expand

Generally, any realized gains are taxable in the year for when a transaction has occurred. For example, any annual distributions of dividends and capital gains are taxable regardless of whether they are paid in cash to you or reinvested to purchase more shares. In addition, with any sale (withdraw) or exchange, the gains are taxable or losses could be used to offset other taxable gains and income.

For a joint account, all the tax reporting is accomplished under the primary owner’s name and Social Security number. The primary owner is the person listed first on the account.

How much can I invest? Expand

With a joint taxable account you can invest as much as you want. There are no limits on the amount you can put aside to save for future needs.

What are the investment minimums? Expand

The minimum initial investment to open a joint account at Janus Henderson is $100 with an automatic investment of at least $50. If an automatic investment is not established, the minimum initial investment is $2,500. Subsequent one-time purchases must be at least $50.

Are there any investment deadlines? Expand

No, you may add to your investment at any time.

What are the fees for a joint account? Expand

There is no cost to open an account and no annual maintenance fees when account minimum thresholds are met.

Withdrawals and Helpful Information

How do you request a withdrawal? Expand

Depending on the account options you have selected, you may redeem shares by telephone, online or in writing. Proceeds of the withdrawal may be sent to the address on record or transferred to a bank account on record. Please note that all withdrawals are tax reportable to the primary owner.

When can we take money out of the account? Expand

You have the flexibility of taking out your money whenever you request. However, the longer you invest or stay invested, the more it will have a chance to grow in value.

What other information might be helpful to know? Expand

As the joint owners, you make all the investment decisions and essentially manage your assets based on your investment needs and goals. Generally, any of the joint owners can access and make decisions on the account. However, any transactions made on the account are tax reportable to the primary owner, which is the person listed first on the account.

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