For an account I hold jointly with my sister, can we each report half of the 1099-INT interest on our respective tax returns, or should one person report all interest?

d-pttax — Thu, 06 Jun 2019 08:01:05 GMT

If the 1099-INT lists only one of your Social Security nu...

JulieR — Thu, 06 Jun 2019 08:01:05 GMT

If the 1099-INT lists only one of your Social Security numbers, then that person can report the entire amount but list the amount belonging to the other as "Nominee Interest".

To do so within TurboTax, use these steps to revisit the interest section of your tax return:(You can do the same on a 1099-DIV).

On the top row of the TurboTax online screen, click on Search (or for CD/downloaded TurboTax locate the search box in the upper right corner)
This opens a box where you can type in “1099-INT” (be sure to enter exactly as shown here) and click the magnifying glass (or for CD/downloaded TurboTax, click Find)
The search results will give you an option to “Jump to 1099-INT”

Click on the blue “Jump to 1099-INT” link

This will bring you to a summary of interest forms already entered. If you have already entered the interest in your return, click Edit beside the one with the nominee amount. If you have not already entered the interest in your return, keep reading for steps to take after entering the information. Follow these steps:

After you click Continue when you have finished entering the information from your Form 1099-INT, the next screen is titled “Tell us if any of these uncommon situation apply to you”
The second choice on this screen is “I need to adjust my taxable amount”
Check this box and click Continue
Then you will see a screen titled “Report Interest adjustment”
Enter the amount as a positive number and the reason for the adjustment. This will make the proper entry on your Schedule B.

Upon further inspection, I see that the SSN is that of my...

d-pttax — Thu, 06 Jun 2019 08:01:07 GMT

Upon further inspection, I see that the SSN is that of my deceased mother. The account has all three names on it, but my mother died in 2017 so now the interest is split between my sister and me. Should I still follow the above procedure to report that? Thanks!

Yes

JulieR — Thu, 06 Jun 2019 08:01:08 GMT

Yes

topic For an account I hold jointly with my sister, can we each report half of the 1099-INT interest on our respective tax returns, or should one person report all interest? in Get your taxes done using TurboTax

For an account I hold jointly with my sister, can we each report half of the 1099-INT interest on our respective tax returns, or should one person report all interest?

If the 1099-INT lists only one of your Social Security nu...

Upon further inspection, I see that the SSN is that of my...

Yes