1099-INT for Joint Account after Divorce

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Subject Author Date 1099-INT for Joint Account after Divorce Rick Hess 01-16-2009  Re: 1099-INT for Joint Account after Divorce Arthur Kamlet 01-16-2009
Posted by Rick Hess on January 16, 2009, 7:50 pm Please log in for more thread options I received a TY 2008 1099-INT for a savings account held jointly by my ex-wife and I. The property settlement in October 2008 decreed that my ex-wife receive this account. She withdrew the money and closed the account in December 2008. I received none of it. Although the 1099-INT has both our names on it only my SSN appears on it. Who reports what on the 1040? If it makes any difference, I reported the interest on the joint account on my TY 2007 return and filed as Single (we divorced in March 2007). -- Rick Hess New Orleans To email, eliminate All_Spammers -- << ------------------------------------------------------- >> << The foregoing was not intended or written to be used, >> << nor can it used, for the purpose of avoiding penalties >> << that may be imposed upon the taxpayer. >> << >> << The Charter and the Guidelines for submitting posts >> << to this newsgroup as well as our anti-spamming policy >> << are at www.asktax.org. >> << Copyright (2007) - All rights reserved. >> << ------------------------------------------------------- >> Posted by Arthur Kamlet on January 16, 2009, 8:11 pm Please log in for more thread options >I received a TY 2008 1099-INT for a savings account held jointly by my >ex-wife and I. The property settlement in October 2008 decreed that my >ex-wife receive this account. She withdrew the money and closed the account >in December 2008. I received none of it. Although the 1099-INT has both >our names on it only my SSN appears on it. Who reports what on the 1040? >If it makes any difference, I reported the interest on the joint account on >my TY 2007 return and filed as Single (we divorced in March 2007). See the examples of Nominee Distributions in IRS Publication 550 and instructions for Form 1040 Schedule B. Briefly, you will report the total amount on the 1099, then subtotal all schedule B interest, then write Nominee Distributon received for [Name and SSN] ($Amount) and on te next line, totaal these so you have subtracted the amount you received (according for form 1099) as a nominee and it reduces your total interet income. And if you were divorced by December 31 2008, then by January 31 issue her a 1099-INT and mail the red copy of the 1099 along with the red copy of Form 1096 to the IRS by February 28. -- ArtKamlet at a o l dot c o m Columbus OH K2PZH -- << ------------------------------------------------------- >> << The foregoing was not intended or written to be used, >> << nor can it used, for the purpose of avoiding penalties >> << that may be imposed upon the taxpayer. >> << >> << The Charter and the Guidelines for submitting posts >> << to this newsgroup as well as our anti-spamming policy >> << are at www.asktax.org. >> << Copyright (2007) - All rights reserved. >> << ------------------------------------------------------- >> Similar Threads Posted Child Exemption with Joint custody after divorce April 11, 2006, 3:31 am 1099-G from Joint Return Received after Divorce January 16, 2009, 7:50 pm Who pays the tax on the interest from a joint account? September 12, 2007, 10:05 pm Gift from joint Canadian account December 9, 2007, 2:40 am Bank didn't send a 1099INT?! February 25, 2008, 5:41 pm ending capital account does not match beginning capital account April 6, 2009, 11:49 am Filing Joint vs separately? November 24, 2008, 6:26 pm eFile Joint with deceased spouse November 24, 2006, 2:08 am Self Employment tax calculation on joint return March 25, 2007, 12:26 pm Husband / Wife, Joint Venture? September 23, 2007, 7:44 pm