Tax document from the bank in wrong name?

[Inky 1,111]

I looked at most the other spots to post this but none of them really " fit " move it if it needs to be moved

Coming from Canada I brought money with me in my name.

My husband and I have a joint account at our bank in both names. I put the money into the bank.. in MY name in a certificate. There is a box ticked that says if I die, the certificate then transfers to him.

This certificate gained interest.

Today we got a 1099 from the bank.. in HIS Name and HIS SSN. Not mine, even tho all documentation for this money and certificate is in my name.

Does this matter for tax purposes? I figured it would come in my name and under my ssn because its my money and in my name. Do we need to go to the bank and get this fixed to be under my name and ssn? the money went back into another certificate Jan 18th in my name again. So next year it will likely show up as his name AGAIN.

On the bottom of the paper in tiny tiny print it says :: " A husband or wife is not required to file a nominee return to show amounts owned by the other. "

Yet they put the 1099 interest in his name when its mine and in my name?

I guess i'm just pissed they are footing it to him when it is my interest income and not his.

Does this matter? should we get this fixed or can it even be fixed?

[decocker 7,198]

are you asking for us tax returns purposes, i assume?

if you're filing joint - it doesn't matter. your return will be one in the same..

[Inky 1,111]

are you asking for us tax returns purposes, i assume?

if you're filing joint - it doesn't matter. your return will be one in the same..

Yes we are filing joint but should it not be under my name and ssn as my interest income? Because my husband does not use the money nor does it come in his name it comes in mine.

[Udella&Wiz 325]

I think you should go bacl to the bank and ask them to make the correction, it is their error.

For tax purposes in the end it may not matter too much since you're filing jointly, but the IRS should probably know it's your cert under your name in case there are any implications later. What is next year the bank sends it in your name and not his - i would think he would have some explaining to do about where 'his' sol called money went.

Best to correct.

[Inky 1,111]

I think you should go bacl to the bank and ask them to make the correction, it is their error.

For tax purposes in the end it may not matter too much since you're filing jointly, but the IRS should probably know it's your cert under your name in case there are any implications later. What is next year the bank sends it in your name and not his - i would think he would have some explaining to do about where 'his' sol called money went.

Best to correct.

Thanks I figured as much.

[Kathryn41 3,205]

You need to get the certificate corrected so it shows your name. We have certificates and IRAs in each of our names with the other listed as the beneficiary (I know you don't need to list a spouse but we did so we could use them as documentation for the Removal of Conditions application as evidence of the validity of our marriage) and the appropriate statements come addressed correctly either to me or to my husband. There may be a time where you need to have access to money that is not encumbered by an estate or property rights, especially as this is money you brought with you into the marriage. Any income you earn would be declared on your income tax if it is not considered deferred income. If you file jointly, then it would be included on your joint return; if you filed individually, then you would include it on your return..