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Who does the interest income belongs to?

On a Form 1099-INT, only my wife’s name is shown because she is the primary account holder.  However, the that account, which generated the interest, is a joint account.

 

When TurboTax asks, who does the interest belongs to, what is the correct answer:  my wife, me, or both of us? 

 

Thanks.

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3 Replies
JamesG1
Expert Alumni

Who does the interest income belongs to?

You receive bank statements that clearly indicate that the account is a joint bank.  

 

Report as a joint bank account and place a copy of that same bank account in your tax return paper file should a tax authority have a question at a later time.

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Who does the interest income belongs to?

So the answer is “Both of us”, even though the Form 1099-INT shows only one name?

DawnC
Employee Tax Expert

Who does the interest income belongs to?

Correct; the joint account is owned by both of you.  It won't matter unless you're Married Filing Separately and/or in a community property state.

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