Interest & Dividend Income with Joint Owners

[Burke]

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.

[Zee]

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.

[Burke]

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.