Nominee Interest

Nominee Interest

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. One must file a form 1099-INT in order to have nominee interest remitted from one's taxable income.
References in periodicals archive ?
Entering nominee interest was simplified, line override capabilities were enhanced and a worksheet for calculating NOL was added.
Exceptions and observations: Nominee interest must be included in total interest and deducted manually as excludable interest.
Exceptions and observations: Nominee interest must be entered as regular interest and then reentered as nominee interest.