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jmillsp
Level 3

Interest Income owned by husband and wife but bank only puts the recipient name as the husband?

Can I choose the option owned by both for interest even though the bank shows the Interest income in my  name only on the Interest Income form 1099-INT?? This is an account that is a shared account but when they send out the 1099-INT it only shows my name.

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HelenC12
Employee Tax Expert

Interest Income owned by husband and wife but bank only puts the recipient name as the husband?

 Yes, you can designate the 1099-INT Form as being owned by both of you even if only one person's name and SSN is shown on the form. This is common. 

 

Note: All income, such as interest under $10 is taxable unless the law specifically excludes itFor additional information, click on Taxable and Nontaxable Income | Internal Revenue Service - IRS.gov.

 

To enter your 1099-INT form, see Where do I enter Form 1099-INT?

 

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1 Reply
HelenC12
Employee Tax Expert

Interest Income owned by husband and wife but bank only puts the recipient name as the husband?

 Yes, you can designate the 1099-INT Form as being owned by both of you even if only one person's name and SSN is shown on the form. This is common. 

 

Note: All income, such as interest under $10 is taxable unless the law specifically excludes itFor additional information, click on Taxable and Nontaxable Income | Internal Revenue Service - IRS.gov.

 

To enter your 1099-INT form, see Where do I enter Form 1099-INT?

 

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

View solution in original post

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