How to split income/loss on joint brokerage account

mihireng — Tue, 04 Jun 2019 21:18:46 GMT

I own joint brokerage account with my father. His name is first on the account. Do I need to split income/loss on the account or it is ok to use by any one of us as long as there is not going to be any dispute

Thanks,

The key is the social security number assigned to the acc...

DianeW — Tue, 04 Jun 2019 21:18:47 GMT

The key is the social security number assigned to the account, which is where the IRS will be looking for the income. It should be reported on that tax return or you can choose to nominee the portion that would be reported by the other person by using the nominee procedures below.

Nominee returns. 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.

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: Click here to order forms or publications from the IRS.

Re: The key is the social security number assigned to the acc...

semaj1 — Sat, 27 Feb 2021 15:31:53 GMT

Turbotax should take care of this for me. It's easier to take care of this without Turbotax.

topic How to split income/loss on joint brokerage account in Get your taxes done using TurboTax

How to split income/loss on joint brokerage account

The key is the social security number assigned to the acc...

Re: The key is the social security number assigned to the acc...