You may. TurboTax explains a nominee adjustment in this manner:
Nominee Interest
Some or all of the interest belongs to someone else but the entire amount was reported under your Social Security number. This includes interest belonging to your child but reported under your ID number.
- Enter the interest income on your tax return.
- At the screen Do any of these uncommon situations apply? click on I need to adjust the interest reported on my form.
- At the screen Tell us about you interest adjustment select I received all or part of this interest for someone else.
Schedule B will record the reduction with the notation: Nominee Distribution.
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