topic HOw do I get TurboTax to reflect the SS# of the payment of interest by nominee (me) to said receipient? The override button is greyed out in Get your taxes done using TurboTax

HOw do I get TurboTax to reflect the SS# of the payment of interest by nominee (me) to said receipient? The override button is greyed out

jimaleg61 — Wed, 28 Feb 2024 20:48:59 GMT

Re: HOw do I get TurboTax to reflect the SS# of the payment of interest by nominee (me) to said r...

DianeW777 — Wed, 28 Feb 2024 21:23:01 GMT

If you have a 1099-INT that has been issued in your name and SSN and it belongs to someone else you can eliminate putting it on your return by using the physical nominee actions below.

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:

Re: HOw do I get TurboTax to reflect the SS# of the payment of interest by nominee (me) to said r...

jimaleg61 — Thu, 29 Feb 2024 00:48:29 GMT

Thanks for your answer. I actually knew I had to file a 1099/1096 to report myself as nominee payer to the SS# (TIN) of the recipient family member (daughter). I was trying to sidestep the 1099/1096 color print (red copy since that's the only one the IRS can scan) by reporting on each return the fact that nominee interest was received by me (TurboTAX identifies the subtraction on my scedule B as nominee interest) I just wanted to add the SS# since I hadn't filed the 1099/1096 even though it's due date is 1/31. I was trying to follow the example of Seller financed interest where you basically report the seller's TIN so you can take the interest deduction if you itemize. Unfortunately, TurboTax won't let me enter any additional info (like SS# of the recipient) when I try to override the line item entitled "nominee interest" (it's greyed out). I'm still waiting for the 1099/1096 from the IRS and for 1 form, it seems silly to file an additional form if you can report it on both tax returns with identifying TIN and narrative! Can I change a line item on Schedule B using TurboTAX for payer and recipient? So far, both are greyed out. I'm a CPA.

Re: HOw do I get TurboTax to reflect the SS# of the payment of interest by nominee (me) to said r...

PatriciaV — Thu, 29 Feb 2024 14:22:00 GMT

If the boxes are greyed out, no entry is possible. Note that if you override a calculated value in TurboTax, it will invalidate the return for e-filing (an IRS constraint).

Re: HOw do I get TurboTax to reflect the SS# of the payment of interest by nominee (me) to said r...

jimaleg61 — Thu, 29 Feb 2024 18:25:48 GMT

I did not want to change a number. I wanted to add an explanation to the minus line item entitled "nominee interest" to identify the recipient. I see no reason a description on Schedule B would be greyed out but it is what it is. I was hoping someone would have a work around other than printing and manually entering the additional info and mailing as oppsed to Efiling!