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Posted by Herb Smith on July 1, 2006, 4:56 pm
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Emma wrote:
> I hope someone knowledgeable in this forum might be able to
> help me with my question. I receive interest in a money
> market account for money that belongs to my parents. They
> are germans and also live in germany. I read that I am
> technically required to issue them a 1099-INT for the money,
> but they don't have a SSN. What should I be doing with my
> 1099?
Also, is interest earned from a money market account
> referred to as interest or dividend?
How was it reported to you? via 1099-INT or 1099-DIV? Either
way, taxability is the same to the recipient. As a
"dividend" it is non Qualified, and is not eligible for the
special tax rates.
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