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Level 2
posted Oct 9, 2022 1:26:20 PM

"Who does the interst belong to"? Is this reported?

Married filing joint return.

When entering interest income, Turbotax asks who the interest belongs to. The ownership does not seem to be reported anywhere when filing the return, at least not when paper filing. Is it reported to the IRS/State when filing online?

If not, what is the point? Why does Turbotax ask?

0 2 445
2 Replies
Level 15
Oct 9, 2022 2:34:50 PM

Individual income or information will end up on the worksheets that are part of the pdf of your tax file, but when you file a joint return, the income is combined for the two spouses.   It is not separated by whose income was whose on the Form 1040.  Did you notice that the software also asked for W-2 information by name?   For 1099 information by name?   But it is not reported separately on the tax form that goes to the IRS.

Level 2
Oct 15, 2022 6:44:12 PM

Yes, so I wonder what the point is to collect the ownership information if it is never used for anything (not for calculations and not for reporting)...

 

p.s. I am not getting any notifications when I get a response here...