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Old 03-22-2014, 01:58 PM
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Savings Bonds, Education....

Daughter cashed in EE savings bonds which were in HER name. She paid for part of hereTuition with this and I paid the rest. She did not work in 2013 - No W-2 - $0

1099-INT (from Bank) was received with Box 1 (Interest) and Box 3 (Treasury Interest) having $$$ - This bank account has my name, my wife's name, and my daughters name on it.


How does this get reported? My Taxes or my daughters Taxes (even with $0 earned).



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Old 03-22-2014, 04:18 PM
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Originally Posted by dtb300 View Post

How does this get reported? My Taxes or my daughters Taxes (even with $0 earned).
Interest on U.S. savings bonds bought for and registered only in the name of your child is income to your child, even if you paid for the bonds and are named as beneficiary. If the bonds are series EE, series E, or series I bonds, the interest on the bonds is income to your child in the earlier of the year the bonds are cashed or disposed of or the year the bonds mature, unless your child chooses to report the interest income each year.


If you received a Form 1099-INT that includes an amount you received as a nominee for the real owner, report the full amount shown as interest on the Form 1099-INT on Part I, line 1 of Sch 1 of 1040A or Sch B of Form 1040. Then, below a subtotal of all interest income listed, enter Nominee Distribution and the amount that actually belongs to someone else. Subtract that amount from the interest income subtotal. Enter the result on line 2 and also on line 8a of Form 1040A or 1040.



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