Since you are the recipient of the 1099R and it is reported in your SSN, you need to include the enter amount then make the negative income adjustment described above. You cannot issue 1099Rs in the name of the Insurance Company. I would recommend sending a statement to the other parties indicating they need to include $X.XX income from the policy in Miscellaneous income for 2020. That leaves the reporting responsibility up to the other parties. If you report the income then do the negative adjustment in the Miscellaneous income, your return will reflect your share. By notifying the others in writing of their share, you have fulfilled your responsibility notifying them of the income that needs reported on their individual returns.
The pandemic has affected your taxes in many ways. Including reporting in TurboTax the amount of stimulus money you received. Click Here for more information on how the Pandemic affected your 2020 taxes.
