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1099-INT for Joint Account after Divorce

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).

Reply to
Rick Hess
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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.

Reply to
Arthur Kamlet

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