What is the name of your state (only U.S. law)? OH
I purchased series EE savings bonds for my children beginning in 1989 to help save for college. The bonds were issued in the names of my children and I used their social security numbers. We cashed in one set during my son's Junior year in college to help pay for his tuition. He has now received a bill from the IRS that says he owes taxes on what was cashed. We had never received a 1099 form because the bank that cashed the bonds had no record of his address. That has now been accomplished. The IRS is requesting form 8917, but this form states that it cannot be used if my son is claimed as a dependent on another return, I did claim him. Can I refile and put his income on my return? Or should I just pay the taxes in his name. My income is under the allowable amounts to not pay the tax. Any help would be appreciated
I purchased series EE savings bonds for my children beginning in 1989 to help save for college. The bonds were issued in the names of my children and I used their social security numbers. We cashed in one set during my son's Junior year in college to help pay for his tuition. He has now received a bill from the IRS that says he owes taxes on what was cashed. We had never received a 1099 form because the bank that cashed the bonds had no record of his address. That has now been accomplished. The IRS is requesting form 8917, but this form states that it cannot be used if my son is claimed as a dependent on another return, I did claim him. Can I refile and put his income on my return? Or should I just pay the taxes in his name. My income is under the allowable amounts to not pay the tax. Any help would be appreciated