Tax Facts

7917 / If deposits are made to a joint savings account, who should report the interest income?

Updated: December 31, 2024 at 07:47 AM
For federal income tax purposes, if two or more persons own a joint savings account, the interest earned is owned and must be reported by each person to the extent that each is entitled under local law to share in such income.1





1.  Rev. Rul. 76-97, 1976-1 CB 15. See, e.g., Royster v. Comm., TC Memo 1985-258, aff’d, 820 F.2d 1156 (11th Cir. 1987).

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