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Interest & Dividend Income with Joint Owners

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    #16
    Exactly. Which goes back to my original statement. Why not just split the accounts into individual names? They can always TOD them to each other.

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      #17
      Originally posted by Burke View Post
      Exactly. Which goes back to my original statement. Why not just split the accounts into individual names? They can always TOD them to each other.
      That'd be good advice.

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        #18
        Originally posted by erchess View Post
        I did not know that there was anything wrong with alternating the reporting of joint income but I can see why allowing it would create an enforcement nightmare.Still does anyone have a cite for the rules on reporting income from a financial account held jointly by individuals who do not file jointly? I don't doubt personally that the rule is what we have decided that it is but the arrangement of this mother and daughter would make sense to a lot of lay people and I'd like to have a reference manual or an authority to back me up when I tell them they can't do things that way.
        You can refer them to the instructions for filing Forms 1099 (Cat #27976F), page 3, under Section A: Nominee/middleman returns.

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