If the account is in one name, that person could report 100% of the amounts on their return if the parties involved agree. Then, the amounts they gave to the other beneficiaries would be considered a gift. Or, they can use the 'nominee' designation and issue a 1099 to the other person(s) receiving the income.
If you use the nominee designation, you can enter your share of the interest/dividends in those sections of TurboTax.
Here's more info on Nominee Income.
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