It depends. If there are several transactions for the year, I would advise to enter summary totals for each of you. The one whose social security number is on the 1099 reporting form can choose to physically nominee half to the other account owner (see steps below). The following instruction is for 1099-B.
- For entering other income simply Search (upper right) > 1099int or 1099div > Click the Jump to ... Link > Begin your entry
TurboTax Online:
- Open or continue your return (if it's not already open) and search for stock sales
- Select the Jump to link in the search results
- Answer Yes to Did you sell any of these investments in 2023?
- If you land on Your investment sales summary, select Add more sales
- On the OK, let’s start with one investment type screen, select Stocks, Bonds, Mutual Funds, then Continue
- On the Let's import your tax info screen, select I'll type it myself
- Step through the interview and select Sales section totals when prompted to choose how to enter your sales
- You'll now be able to enter the total proceeds (sales) and cost basis, along with the sales category. Refer to your 1099-B for the amounts and category. When finished, select Continue
- You can add additional sales totals by selecting the Add another sales total on the Review your sales section totals screen
TurboTax CD/Download:
- Open or continue your return (if it's not already open) and search for stock sales
- Select the Jump to link in the search results
- Answer Yes to Did you sell any investments in 2023?
- If you land on Here’s all the investment accounts we have so far, select Add more sales
- Answer Yes to Did you get a 1099-B or a brokerage statement for these sales?
- On the screen Let Us Enter Your Investment Sale Info, select I’ll type it in myself and Continue
- Enter the name of your bank or brokerage on the screen Which bank or brokerage sent you this form? and Continue
- On the screen Tell us about your 1099-B, select I’ll enter a summary for each sales category
- You'll now be able to enter the total proceeds (sales) and cost basis, along with the sales category. Refer to your 1099-B for the amounts and category. When finished, select Continue
- On the screen Do you have another sale to enter from your 1099-B? select Yes to enter more sales from your 1099-B, or No to see a summary of the sales you already entered, then select Continue
- Once you’ve entered all the sales on your 1099-B, you’ll see a summary of all the sales reported. Select Done
If you are e-filing your tax return, then mail your statements (1099-Bs or other document showing detailed sales information) along with Form 8453 to:
Internal Revenue Service
Attn: Shipping and Receiving, 0254
Receipt and Control Branch
Austin, TX 73344-0254
Nominee Returns. This is how the IRS knows what you are doing.
Generally, if you receive a Form 1099 for amounts that actually belong to another person or entity, you are considered a nominee recipient. You must file a Form 1099 with the IRS (the same type of Form 1099 you received). You must also furnish a Form 1099 to each of the other owners.
File the new Form 1099 with Form 1096 (this is a transmittal for the 1099) by mailing to the Internal Revenue Service Center for your area. (Provided on the Form 1096)
- On each new Form 1099, list yourself as the payer and the other owner, as the recipient. On Form 1096, list yourself as the nominee filer, not the original payer. The nominee is responsible for filing the subsequent Forms 1099 to show the amount allocable to each owner.
The forms filed with the IRS should be the red copy so if you don't have a color printer, go to the IRS website and order the forms here:
@LarryMars
[Edited: 03/16/2024 | 3:18 PM PST]
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