Learn English: Joint Bank Account Interest: Who Pays Taxes? (hard)
1 day, 19 hours ago
Interest earned in a joint bank account is taxable income for all owners.
Each owner is responsible for paying taxes on their respective share of the interest.
The bank typically sends a 1099-INT to the primary account holder, detailing the total interest earned.
Account holders must accurately report their portion of the interest on their individual tax returns.
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