Jerry Salinsky <[email protected]> wrote:

I have several accounts with a bank. The account holders are my
wife, I, and my daughter. I file joint return. For the interest in
these accounts, who should file to IRS?

Are the accounts listed as joint tenants or tenants in common? Where
did the money originally come from? Details matter.

--
Stu
http://DownToEarthLawyer.com

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I have several accounts with a bank. The account holders are my wife, I,
and my daughter. I file joint return. For the interest in these
accounts, who should file to IRS?

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<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
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"Jerry Salinsky" wrote in message news:t21sje$pm6$[email protected]...

I have several accounts with a bank. The account holders are my wife, I,
and my daughter. I file joint return. For the interest in these accounts,
who should file to IRS?

Whose SSN is on the 1099-INT? I'd be guided by that. On most joint
accounts I have had, the name listed first is generally the one whose SSN
gets the interest.

--

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On 3/30/2022 12:08 PM, Stuart O. Bronstein wrote:

Jerry Salinsky <[email protected]> wrote:

I have several accounts with a bank. The account holders are my
wife, I, and my daughter. I file joint return. For the interest in
these accounts, who should file to IRS?

Are the accounts listed as joint tenants or tenants in common? Where
did the money originally come from? Details matter.

The situation is this: my wife and I have two accounts in a bank.
Because we were going abroad, we were afraid that due to security
concerns, we might not be able to access our accounts from abroad. We
added my daughter's name to the account so she could make transactions
for us. She then created accounts of her own. All under one userid and password. Although all accounts are kept separated financially, the main account holder now is my daughter and all statements are sent to her. I
called the bank and asked who should report the interest income and the
answer I got was all parties need to report the interest income. That
sounds strange to me. That's why I came here to ask the question.

--
<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2011) - All rights reserved. >>
<< ------------------------------------------------------- >>

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I have several accounts with a bank. The account holders are my
wife, I, and my daughter. I file joint return. For the interest in
these accounts, who should file to IRS?

The situation is this: my wife and I have two accounts in a bank.
Because we were going abroad, we were afraid that due to security
concerns, we might not be able to access our accounts from abroad. We
added my daughter's name to the account so she could make transactions
for us. She then created accounts of her own. All under one userid and >password. Although all accounts are kept separated financially, the main >account holder now is my daughter and all statements are sent to her. I >called the bank and asked who should report the interest income and the >answer I got was all parties need to report the interest income. That
sounds strange to me. That's why I came here to ask the question.

You haven't answered the question that Rick asked: Whose
Social Security number is on the 1099-INT? This is the most
important factor. How many 1099-INT forms did your daughter
get? For each 1099-INT, whose Social Security number is on
it, and who does the money in the account actually belong
to? The user ID and password don't matter. Who the
statements get mailed to doesn't matter.

Do you and your wife file jointly?

Bob Sandler

--
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<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
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<< to this newsgroup as well as our anti-spamming policy >>
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Bob Sandler <[email protected]> wrote:

I have several accounts with a bank. The account holders are my
wife, I, and my daughter. I file joint return. For the interest
in these accounts, who should file to IRS?

The situation is this: my wife and I have two accounts in a bank.
Because we were going abroad, we were afraid that due to security
concerns, we might not be able to access our accounts from abroad.
We added my daughter's name to the account so she could make
transactions for us. She then created accounts of her own. All
under one userid and password. Although all accounts are kept
separated financially, the main account holder now is my daughter
and all statements are sent to her. I called the bank and asked
who should report the interest income and the answer I got was all
parties need to report the interest income. That sounds strange to
me. That's why I came here to ask the question.

You haven't answered the question that Rick asked: Whose
Social Security number is on the 1099-INT? This is the most
important factor. How many 1099-INT forms did your daughter
get? For each 1099-INT, whose Social Security number is on
it, and who does the money in the account actually belong
to? The user ID and password don't matter. Who the
statements get mailed to doesn't matter.

Those are important from a practical standpoint. But from a legal
standpoint they are largely irrelevant. If an account is in joint
tenancy the legal owner for tax purposes is the person who put
his/her own money into the account. If it's tenants in common it's
presumed to be a gift so it belongs to each equally.

If one person's SS# is on the account, that indicates the interest is
his, but it's not definitive. That person can issue nominee 1099s to
show the interest should really be allocated to someone else.

Do you and your wife file jointly?

Again, a very practical issue but doesn't really address the primary
question.

--
Stu
http://DownToEarthLawyer.com

--
<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2011) - All rights reserved. >>
<< ------------------------------------------------------- >>

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