1099-Int question - joint savings account. Who needs to file the form?

[jennie_f]

I have a joint savings account with my mother. We received a 1099-int with both of our names on it but only her SSN. Does this mean she is the only one who will have to file it with her taxes? Or will I receive a form as well? (I am of legal age and filing jointly with my wife, if that makes a difference). Thank you.

[JohnB5677]

If your mom's social security number is on the 1099-INT, she should file it with her tax return.  

You will not be getting a second one in the mail. 

If you would like the joint owner on your account to be responsible for this interest income, speak to a tax consultant. 

[jennie_f]

Thanks so much! Do you also know if she actually has to file a tax return? The interest for last year is $98 and her only other income is her social security. Is there a tax free interest amount? 

Thanks again

[ThomasM125]

She may not need to file a return if all she earned is social security income and minimal other income. There is a minimal amount of income you need to have before you are required to file a tax return and social security income is only taxable if your income is over a certain amount. You can use this tool at the IRS website to see if your mother needs to file a federal tax return:

Do I need to file?

@jennie_f {Edited 1/22/23 3:45 PST}

[jennie_f]

Thank you so much!