nominee interest 1099-INT, without SSN?

Question

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? I'ld appreciate any help in this matter. Thank a lot in advance. Emma

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Emma · Accepted Answer

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? I'ld appreciate any help in this matter. Thank a lot in advance. Emma

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Herb Smith · Answer

Also, is interest earned from a money market account

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.

nominee interest 1099-INT, without SSN?

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