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 here:
https://www.irs.gov/pub/irs-prior/f1096--2022.pdf 1096
https://www.irs.gov/pub/irs-pdf/f1099div.pdf 1099-div
https://www.irs.gov/pub/irs-prior/f1099int--2022.pdf 1099-int
the big issue is 1099-B since there is no standard IRS1099-B that you can use to report all trades
it seems one trade per 1099-B
you also have an issue in that you are supposed to file the red copies with the IRS. they are late - due 1/31/2023. so you could be penalized by the IRS. failure to file can also result in penalties.
