The first person listed on the 1099 is the owner and must report the entire amount on their return. If there is a co-owner we can make an adjustment.
Other than community property states you can allocate zero to 100% to the other individual.
To enter a 1099-DIV or INT you should post it as normal to the Owners return.
- Go to Wages & Income
- Work on other income
- Select Interest on 1099-DIV INT(You may have to scroll down to get it.)
- Did you receive any Dividend income? Yes
- Scroll down to Change how I enter my Form
- Scroll down to Type it myself
- Follow screens to enter the information
- After entering you data, you will come to a screen
- Tell us if any of these uncommon situations apply to you
- Select I need to adjust these dividends or this is an ESOP distribution.
- I need to adjust these dividends.
- Tell us about your dividend adjustment
- Enter the amount you want to allocate to the other individual
- I received all or part of these dividends for someone else
You must then enter the amount to the other person's tax return.
@littleplacecalledaspen
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