topic Can I transfer this to my son's Austin's account. both our names are on it but this is his interest in Get your taxes done using TurboTax

Can I transfer this to my son's Austin's account. both our names are on it but this is his interest

tsprague30 — Mon, 09 Mar 2026 05:29:27 GMT

This is for my son's taxes but we share a bank account due to his deployment. He needs it not me.

Re: Can I transfer this to my son's Austin's account. both our names are on it but this is his in...

JamesG1 — Sun, 20 Feb 2022 16:31:11 GMT

You may. TurboTax explains a nominee adjustment in this manner:

Nominee Interest

Some or all of the interest belongs to someone else but the entire amount was reported under your Social Security number. This includes interest belonging to your child but reported under your ID number.

Enter the interest income on your tax return.
At the screen Do any of these uncommon situations apply? click on I need to adjust the interest reported on my form.
At the screen Tell us about you interest adjustment select I received all or part of this interest for someone else.

Schedule B will record the reduction with the notation: Nominee Distribution.

Re: Can I transfer this to my son's Austin's account. both our names are on it but this is his in...

fanfare — Sun, 20 Feb 2022 16:41:19 GMT

@tsprague30

In order to nominee interest to someone else, you must supply that person and the IRS with a 1099-INT.

then he will pay tax on that interest.

If you want him to have the interest, just give it to him !

Re: Can I transfer this to my son's Austin's account. both our names are on it but this is his in...

fanfare — Sun, 20 Feb 2022 16:54:57 GMT

I hope you know a gift does not go on either person's tax return.