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Level 3
February 28, 2025
Solved

Can interest income reported to one person be allocated to two people?

  • February 28, 2025
  • 1 reply
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There are two owners of the bank account, but bank reported all interest income to one owner. How can I allocate part of the income to the other person?
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    Best answer by rbynaker

    My software has a box for Nominee interest that gets subtracted after the subtotal on Sch B.  I also issue a 1099-INT to the other recipient.

    1 reply

    rbynaker
    rbynakerAnswer
    Level 13
    February 28, 2025

    My software has a box for Nominee interest that gets subtracted after the subtotal on Sch B.  I also issue a 1099-INT to the other recipient.