Here, I am holding on to some money for my parents in a savings account in India. They don’t exactly have the best relationship with money so I am doing this so that they don’t burn through everything in a month. Do I have to worry about taxes for this money? It’s their retirement savings.

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Posting as :
works at
You are currently posting as works at

Assuming you’re in the US. Not sure what “holding on to” means exactly

Step 1:
If you’re on work visa - no
If you’re GC/Citizen - yes

Step 2:
If it’s in their account - no
If it’s in your account - yes if yes in Step 1 else no

It’s in a savings account, open to other ideas that would potentially save me from paying taxes.

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