If I have a joint savings account with another person (mother) that received $19.91 of interest last year, who reports and pays the tax, or do we both?

[PaulaM · Accepted solution]

Who's social security number (SSN) is on the 1099-INT? The IRS matches SSN with the form and that is who should report it.

If you wish to split it, then whomever is reporting the form on their return will need to make a line 21 entry (miscellaneous income, other reportable income) for a negative amount and explain that the '9.95 amount is being reported by' then list the SSN of the other party.

[jdksmk]

You can take 9.95 deduction, and your mother can take 9.96, but both need to list the details on the 1099-INT on your returns.