You can use the nominee procedures which will allow you to show the portion that belongs to others and then report only your portion (if any) of the interest income.
Nominee Interest: Some or all of the interest belongs to someone else but the entire amount was reported under your Social Security number. This includes interest belonging to other beneficiaries but reported under your ID number.
In TurboTax you do this by entering the 1099-INT, then checking on the next screen that you need to adjust the amount. You'll then be able to enter the adjustment amount and check the reason for the adjustment.
Nominee Returns
Generally, if you receive a Form 1099 for amounts that actually belong to another person or entity, you are considered a nominee recipient. You must file a Form 1099 with the IRS (the same type of Form 1099 you received). You must also furnish a Form 1099 to each of the other owners.
File the new Form 1099 with Form 1096 (this is a transmittal for the 1099) by mailing to the Internal Revenue Service Center for your area (provided on the Form 1096).
- On each new Form 1099, list yourself as the payer and the other owner, as the recipient. On Form 1096, list yourself as the nominee filer, not the original payer. The nominee is responsible for filing the subsequent Forms 1099 to show the amount allocable to each owner.
The forms filed with the IRS should be the red copy so if you don't have a color printer, go to the IRS website and order the forms.
(source: Expert DianeW)
You may be able to create Form 1099-INT using TurboTax Quick Employer Forms (QEF), a service we offer to customers who use the TurboTax Business, TurboTax Premium Online, and TurboTax Home & Business for the current tax year.
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
