Allocating investments from joint account
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Returning Member

Allocating investments from joint account

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?

1 Reply
Employee Tax Expert

Allocating investments from joint account

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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