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What do I need to split the interest on the interest on an I-Bond redeemed by daughter that co-owns a bond?

Forum|Forum|7 years ago
June 6, 2019
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TurboTax Self Employed Online

Best answer by DianeW777

You can use the nominee procedures which will allow you to show the portion that belongs to her and then report only your portion of the interest income.

Nominee Interest: Some or all of the interest belongs to someone else but the entire amount was reported under your Social Security number. This includes interest belonging to your child but reported under your ID number.

In TurboTax you do this by entering the 1099-INT, then checking on the next screen that you need to adjust the amount. You'll then be able to enter the adjustment amount and check the reason for the adjustment.

You can do the same on a 1099-DIV.

D

DianeW777Answer

You can use the nominee procedures which will allow you to show the portion that belongs to her and then report only your portion of the interest income.

Nominee Interest: Some or all of the interest belongs to someone else but the entire amount was reported under your Social Security number. This includes interest belonging to your child but reported under your ID number.

In TurboTax you do this by entering the 1099-INT, then checking on the next screen that you need to adjust the amount. You'll then be able to enter the adjustment amount and check the reason for the adjustment.

You can do the same on a 1099-DIV.

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