topic Nominee Reporting - Joint (Not Married) Investment Account in Get your taxes done using TurboTax

Nominee Reporting - Joint (Not Married) Investment Account

apunke — Thu, 02 Feb 2023 21:10:45 GMT

I have a joint mutual (JJTEN) fund with my boyfriend. We both contributed equally to the amount in the mutual fund. On the 1099-DIV, my SSN is listed on the account. We need to report the dividends + capital gains and would like to do this 1/2 and 1/2 to alleviate tax burden. Questions:

1. If I wanted to split the dividends/capital gains, do I need to fill out 1099-DIV (with myself as the payer and boyfriend as the recipient) + 1096 forms outside of Turbo Tax? Or is there a way to do that within Turbo Tax? If so, how do I access this within Turbo Tax?

2. As far as me submitting my information on the 1099-DIV within TurboTax, I was able to select that I needed adjustment, and then enter the amount (1/2 of the combined dividends + capital gains) in there, which then decreases my tax burden. Is this correct in addition to the above?

3. If the other person if filing their taxes via TurboTax, will they just then enter that 1099-DIV information (that I issued them + then sent to the IRS)?

Re: Nominee Reporting - Joint (Not Married) Investment Account

Anonymous_ — Thu, 02 Feb 2023 21:29:30 GMT

Nominees. If this form includes amounts belonging to another person, you are considered a nominee recipient. You must file Form 1099-DIV (with a Form 1096) with the IRS for each of the other owners to show their share of the income, and you must furnish a Form 1099-DIV to each. A spouse is not required to file a nominee return to show amounts owned by the other spouse. See the current General Instructions for Certain Information Returns.

Re: Nominee Reporting - Joint (Not Married) Investment Account

Anonymous_ — Thu, 02 Feb 2023 21:32:04 GMT

@apunke wrote:
1. If I wanted to split the dividends/capital gains, do I need to fill out 1099-DIV (with myself as the payer and boyfriend as the recipient) + 1096 forms outside of Turbo Tax?

TurboTax does not support Form 1099-DIV.

@apunke wrote:
Is this correct in addition to the above?

Yes.

@apunke wrote:
.....will they just then enter that 1099-DIV information (that I issued them + then sent to the IRS)?

Yes.