As mentioned by SuperUser
Lisa995, if the Form 1099-INT is reported
under your social security number, then it should be included on your tax return. You could then subtract a portion of the interest
from your return by showing it was nominee interest.
To do so
within TurboTax, use these steps to revisit the interest section of your tax
return:
-
On the top row of the
TurboTax online screen, click on Search (or for CD/downloaded TurboTax
locate the search box in the upper right corner)
-
This opens a box where you
can type in “1099-INT” (be sure to enter exactly as shown here) and
click the magnifying glass (or for CD/downloaded TurboTax, click Find)
-
The search results will
give you an option to “Jump to 1099-INT”
-
Click on the blue “Jump
to 1099-INT” link
This will bring you to a summary of interest forms already
entered. Click Edit beside the one with the nominee amount.
After you
click Continue when you have finished entering the information from your Form
1099-INT, the next screen is titled “Tell
us if any of these uncommon situation apply to you”.
The second
choice on this screen is “I need to
adjust my taxable amount”.
Check this
box and click Continue.
Then you
will see a screen titled “Report
Interest adjustment”.
Enter the
amount as a positive number and the reason for the adjustment. This will make the proper entry on your
Schedule B.
