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uz902b74
December 9, 2023
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Joint bank accounts

  • December 9, 2023
  • 1 reply
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I created a joint account join how does the irs look at tax liability? I only needed a joint account because my son is disabled and can’t do these things. 

    Best answer by uz902b74

    Thank you for your help!

    1 reply

    DoninGA
    DoninGA
    Employee
    December 9, 2023

    The IRS does not care what type of bank account you have.  If interest is paid on the funds in the account then you will have to report the interest paid on your tax return.  On a joint account the Form 1099-INT will have the Social Security number of the first person listed on the account, that is the person who should report the interest income on their tax return.

      U
      uz902b74AuthorAnswer
      December 9, 2023

      Thank you for your help!

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