Whoever's ssn is on the 1099 enters the whole amount on their return. Then after you enter it, on the next page it will ask - Tell us if any of these uncommon situations Apply and pick the first one, We need to adjust the taxable amount.
Then on the next page fill in their amount as a POSITIVE number and pick the first reason "I received all or part of this for someone else".
Then on the other person's return you enter it as a 1099 Int and put their amount in box 1.
I don't think you need to give him a 1099INT from you but if you want to fill one out....
You can only prepare 1099Int & 1099Div online in Quick Employer Forms. You have to use the Online Premium version or the Desktop Home & Business program or Turbo Tax Business program to have access to the QEF.
