Allocating investments from joint account

adrooney · ‎February 22, 2021

My son and I opened a joint account to do some investments. The account has both names as owners, but the broker used my social security number on the 1099. For 2020, we had a capital loss. I imported the information from the broker to my tax return and would like to record an entry into Turbotax to allocate a portion of the loss to my son. Can someone tell me how to do that within the desktop Turbotax allocation?

MarilynG1 · ‎February 22, 2021

For stock sales, you will need to Edit the sales amounts imported on your 1099-B to the % you are claiming on your return.

Click this link for info on Editing Imported Stock Transactions.

For your son, he will use the same 1099-B info and also enter his % on his return (he should keep a copy of the 1099-B).

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Allocating investments from joint account

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