Exchange Currency

nominee interest

Interest received on behalf of someone else. For example, in a joint account the interest earned on a fund owned by the other person is passed onto that person, the person who has passed the interest has to fill in a form 1099-NIT to be exempted from paying tax on that interest. The tax is then passed to the person who has received the interest.

Related information about nominee interest:
  1. Nominee Interest Definition | Investopedia
    An interest payment that a person receives on behalf of someone else. If you receive nominee interest, also called a nominee distribution, you are responsible ...
     
  2. Nominee Interest
    Nominee Interest. If two or more people are listed as owners on a bank account or another type of investment account, the associated 1099-INT form (reporting ...
     
  3. Nominee Interest and Tax Form, IRS and Tax
    Nominee Interest and Tax Form - Find answers about Nominee Interest and Tax Form at WorldWideWeb Tax, the first comprehensive IRS Tax Directory on the ...
     
  4. 'Nominee' income : Linda Keith CPA
    You also report it on your return but turn right around and take it off, labeling it nominee interest. Then you call the bank and ask them to correct the order of the ...
     
  5. Nominee Interest - Financial Dictionary - The Free Dictionary
    Interest that a person receives on behalf of another person. One is not taxed for nominee interest because the interest ultimately goes to someone else.
     
  6. nominee - definition of nominee by the Free Online Dictionary ...
    Nominee Interest · Nominee Name · Nominee Name · Nominee Names · Nominee-Based Congestion Algorithm · nominees · nominees · nominees · Nominor ...
     
  7. Nominee
    Nov 16, 2011 ... Nominee interest and dividends. You may receive a Form 1099-DIV or 1099-INT with your name and social security number but that actually ...
     
  8. Filling out Schedule B, reporting interest and dividend - Bankrate.com
    Apr 2, 2001 ... Line 1 is also where you would report any nominee interest you got. You're a ... You'll be able to eliminate this nominee interest from your tax ...