Welcome back! Ask questions, get answers, and join our large community of tax professionals.
  • Products
  • Workflow Tools
  • Learn & Support
  • Sign In
  • Products
  • Workflow Tools
  • Contact Us
  • Sign In
  • Learn & Support
    • Created with Sketch. The 9/15 deadline is quickly approaching! Check out our Hot Topics here.
    Created with Sketch. The 9/15 deadline is quickly approaching! Check out our Hot Topics here.
    cancel
    Turn on suggestions
    Auto-suggest helps you quickly narrow down your search results by suggesting possible matches as you type.
    Showing results for 
    Search instead for 
    Did you mean: 

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

    Chris_4325
    Level 2
    ‎02-27-2025 06:04 PM
    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?
    0 Cheers
    Reply
    1 Best Answer

    Accepted Solutions
    rbynaker
    Level 14
    ‎02-27-2025 06:17 PM

    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.

    View solution in original post

    Reply
    1 Comment 1
    rbynaker
    Level 14
    ‎02-27-2025 06:17 PM

    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.

    Reply
    Intuit Lacerte Tax
    Intuit ProConnect Tax
    Intuit ProSeries Tax
    Additional Accounting Solutions
    Tax Pro Center
    Tax Practice Resources
    Call sales: 844-877-9422
    Sitemap

    ©1997-2025 Intuit, Inc. All rights reserved.

    Intuit, QuickBooks, QB, TurboTax, and Mint are registered trademarks of Intuit, Inc. Terms and conditions, features, support, pricing and service options subject to change without notice.

    By accessing and using this page you agree to the Terms and Conditions.

    About Cookies | Manage Cookies
    Legal Privacy Security