Message Font: Serif | Sans-Serif
No. of Recommendations: 0
What I am less sure about is what percent of the income from this joint account needs to be reported in Part 3 and Schedule B. I did not contribute any assets to the account, nor received any income from it. Do I still need to include some or all of the income on Sch B and pay tax on it?

If you check box 3d in Part I or II, you don't complete that section of Part III. See the instructions for Part III.

Print the post  


In accordance with IRS Circular 230, you cannot use the contents of any post on The Motley Fool's message boards to avoid tax-related penalties under the Internal Revenue Code or applicable state or local tax law provisions.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.