Joint Investment Account - Who pays taxes?

Forum|Forum|5 years ago
January 24, 2021
2 replies
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Hello everyone, I have a joint investment account with my father. He is the sole contributor to the account and I have never added to the account. Additionally, he does not file taxes and has not for a while. Would I put this on mine or would he be required to file?

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npierson777

It depends what type of investment account you and your father have. If you received 1099-DIV,1099-INT,1099-B or any other tax form from the investment company showing your SSN on that, you must include it in your income. In your case you may reduce the income through allocation between you and your father.

hessle

In my case, my mother's SSN is on the 1099. My mother claims it as her income. Do my sister and I have to claim anything?

ToddL99

No, neither you or your sister need to report this income on your tax returns.

If the income is reported under your mother's SSN and she reports it on her tax return, no one else needs to report it on their tax return.

Mike9241

the person whose SSN is on the reporting forms is going to report 100% then show subtraction of 1/2 or whatever as a nominee. this may cause issues because TT does not like negative numbers on certain forms.