Back to Blog
Turbo tax calculator7/26/2023 ![]() The person who is named as the owner (not you) You buy the bond but someone else is named as the only owner (for example, your child) You use your money to buy a bond that you put in your name with a co-owner Who owes the tax? If ownership has not changed Situation If you are reporting the interest on bonds another person owns (for example, the interest on your child's bonds), you report that on the other person's federal income tax return with other interest income that person has earned. Interest from your bonds goes on your federal income tax return on the same line with other interest income. Where do I list the interest on my tax return? You must fill out IRS Form 3115 or follow the instructions in IRS Publication 550 in the section on U.S. You can change from one reporting method to the other. For instructions on how to tell the IRS that you already reported some or all of that interest in earlier years, go to IRS Publication 550 and look for the section on U.S. When you get the 1099-INT at the end, it will show all the interest the bond earned over the years.
0 Comments
Read More
Leave a Reply. |