turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

If I share A CD account, who needs to claim the dividends?

 
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

2 Replies

If I share A CD account, who needs to claim the dividends?

The dividends are reported on the SS# of the person listed first on the account and the IRS will expect them to show up on that person's return. 

If I share A CD account, who needs to claim the dividends?

however, if the other person (other than your spouse when filing a joint return) ) puts money into the CD it would seem proper that the interest be allocated.  the one who gets the 1099 reports 100% and then takes a deduction for nominee amount (the allocated amount to the other person). the one that gets the 1099 should properly inform the other party as to the interest they need to report. but what happens if you tell them and they don't report it because they didn't get a tax form? don't know because sharing a CD is usually a bad idea because the other party may be able to take out all the funds and then disappear.

 

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
Manage cookies