Does the savings account have to be officially in my children's names? I opened 2 savings accounts (1 for my daughter and 1 for my son) under my name since the interest rate is higher than the kids savings account. I labeled 1 account in the nicknames field as child 1 savings account and the other as child 2 savings account, but it is not officially under their social security numbers. I am guessing that I would need to report the interest income earned on it under my return, but just wanted to double check. Please advise. Thanks!
