- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Get your taxes done using TurboTax
MaryK4, thanks for the response.
Without doing 1099-INTs for each beneficiary, how should I provide them with info on what to do to claim this interest income on their returns? I have no problem calling, emailing, or sending a letter to each one which basically says how much interest income they need to add to their returns but if they decide not to, how would that affect mom's 1099-INTs? Will the IRS be looking for some way to show the income is reported by somebody (all of us) and that tax is being paid on it?
For clarification, if all of us claim the appropriate amounts of interest income it appears mom's 1099-INTs don't even get used....right?
Lastly, would each of us claim this as "miscellaneous income-other reportable income" and what would the description be?
Thanks!