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?
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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