The agreement was to split interest, dividends, and stock transactions gains or losses 50-50. Interest and dividends allowed for an adjustment in TurboTax, with the nominee's SSN usage, but this is not clear for adjusting 1099-B information. Do I need to split each transaction so it reflects the 50-50 agreement? Both our names were on the Joint Tenant Brokerage Account and my SSN was used as the primary identification number. I was not sure how the IRS will view this since it will vary from the Brokerage House records.
It sounds to me like the agreement is requiring you to split each security sale.
You may have to prepare an attachment and paper file your return. I do not see an easy way to report this in Turbotax, but click here for a Turbotax article that addresses this issue.
It sounds to me like the agreement is requiring you to split each security sale.
You may have to prepare an attachment and paper file your return. I do not see an easy way to report this in Turbotax, but click here for a Turbotax article that addresses this issue.
Do you still have a working link to that article as this link didn’t work
thanks
So you don't need to bend over backwards and deal with months of IRS letters ... may I suggest you just put all the income on the one return whose SS# it was reported on then divide the extra tax by half and have the other spouse reimburse that person or withhold it from the division. This will save you grief from IRS hassles later down the road.
To easily do this just complete the return without the common income and note the bottom line then add the common income and note the new bottom line. Then divide the difference in half and settle up with the other person.