Hi, my wife has a joint investment account at Charles Schwab with her sister who resides in New York City. It's a small amount of dividends but enough to affect our AGI and refund amount. My wife is the primary on the account with a 55% ownership while her sister is the remaining 45%. I understand that the institution will only send out one 1099-DIV, which my wife received. We are filing married jointly.
How can we claim just her share of the dividends? Can we simply multiple the boxes with values (1a, 1b, 2a, 7) by her portion (55%)? Does Turbotax explicitly handle this situation?
We are located in California.
Update: After importing the 1099-DIV values, I noticed I could choose the option to adjust dividends. The next part is confusing because it asks me the adjustment amount so I entered 45% of the total ordinary dividends value (my wife's sister's share). Once I do this, it doesn't seem to reflect anywhere and without filing it, Turbotax won't show me any additional "schedule" documents they plan on producing, so I can't double check. Is there a better way to do this?
