topic How do we apportion 1099 taxes on a jointly owner brokerage account? in Get your taxes done using TurboTax https://ttlc.intuit.com/community/taxes/discussion/how-do-we-apportion-1099-taxes-on-a-jointly-owner-brokerage-account/01/646993#M261247 <P>we are unmarried, but have a joint brokerage account. do we both need to pay taxes? or does only one person need to pay it?</P> Thu, 06 Jun 2019 08:35:22 GMT jake.intrator 2019-06-06T08:35:22Z How do we apportion 1099 taxes on a jointly owner brokerage account? https://ttlc.intuit.com/community/taxes/discussion/how-do-we-apportion-1099-taxes-on-a-jointly-owner-brokerage-account/01/646993#M261247 <P>we are unmarried, but have a joint brokerage account. do we both need to pay taxes? or does only one person need to pay it?</P> Thu, 06 Jun 2019 08:35:22 GMT https://ttlc.intuit.com/community/taxes/discussion/how-do-we-apportion-1099-taxes-on-a-jointly-owner-brokerage-account/01/646993#M261247 jake.intrator 2019-06-06T08:35:22Z Whose social security number or numbers are on the 1099?... https://ttlc.intuit.com/community/taxes/discussion/whose-social-security-number-or-numbers-are-on-the-1099/01/647013#M261257 <P>Whose social security number or numbers are on the 1099?</P><P>If it is both, then you will need to split the income (which is the correct answer).&nbsp; TurboTaxTom replied to a similar question that may help:</P><P>I'll make the assumption that your question is along the lines of "How do I nominee off gains and losses that are all being reported on a 1099-B under my name and social security number?"</P><P>The "official IRS-approved" method is to enter the 1099-B as it reads, then enter an "adjustment" (positive or negative) in column (g) of Form 8949 for the other owner's share and a code of "N" in column (f).<BR /><BR />You cannot literally do this using the TurboTax interview method, though you can do this if you are using the desktop version and go into Forms Mode.&nbsp; You might not be able to e-file.<BR /><BR />You can do a very close approximation, however, if you enter the 1099-B as it reads, then tick the "Add More Details" box and click on the "Start" button.&nbsp; On the next page you tick the first option of "I need to add or fix info about this sale that's on my Form 1099-B."&nbsp; Tell TurboTax that the 1099-B shows an incorrect basis and in the following interview enter the basis figure that gets your personal gain or loss properly stated.&nbsp; TurboTax will put this information into the Form 8949.&nbsp; If basis WAS reported on the 1099-B the code will be wrong - a "B" - and if basis was NOT reported there will be no code.&nbsp; But your income will be properly reported and that's what's really important.</P><P>Of course, you are supposed to provide a 1099-B to the nominee and to the IRS, but I expect as a practical matter this doesn't happen too often.</P><P> <B></B> <I></I> <U></U> <BR /> </P> Thu, 06 Jun 2019 08:35:24 GMT https://ttlc.intuit.com/community/taxes/discussion/whose-social-security-number-or-numbers-are-on-the-1099/01/647013#M261257 KarenJ 2019-06-06T08:35:24Z
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topic How do we apportion 1099 taxes on a jointly owner brokerage account? in Get your taxes done using TurboTax
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<P>we are unmarried, but have a joint brokerage account. do we both need to pay taxes? or does only one person need to pay it?</P>
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How do we apportion 1099 taxes on a jointly owner brokerage account?
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<P>we are unmarried, but have a joint brokerage account. do we both need to pay taxes? or does only one person need to pay it?</P>
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Whose social security number or numbers are on the 1099?...
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https://ttlc.intuit.com/community/taxes/discussion/whose-social-security-number-or-numbers-are-on-the-1099/01/647013#M261257
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<P>Whose social security number or numbers are on the 1099?</P><P>If it is both, then you will need to split the income (which is the correct answer).&nbsp; TurboTaxTom replied to a similar question that may help:</P><P>I'll make the assumption that your question is along the lines of "How do I nominee off gains and losses that are all being reported on a 1099-B under my name and social security number?"</P><P>The "official IRS-approved" method is to enter the 1099-B as it reads, then enter an "adjustment" (positive or negative) in column (g) of Form 8949 for the other owner's share and a code of "N" in column (f).<BR /><BR />You cannot literally do this using the TurboTax interview method, though you can do this if you are using the desktop version and go into Forms Mode.&nbsp; You might not be able to e-file.<BR /><BR />You can do a very close approximation, however, if you enter the 1099-B as it reads, then tick the "Add More Details" box and click on the "Start" button.&nbsp; On the next page you tick the first option of "I need to add or fix info about this sale that's on my Form 1099-B."&nbsp; Tell TurboTax that the 1099-B shows an incorrect basis and in the following interview enter the basis figure that gets your personal gain or loss properly stated.&nbsp; TurboTax will put this information into the Form 8949.&nbsp; If basis WAS reported on the 1099-B the code will be wrong - a "B" - and if basis was NOT reported there will be no code.&nbsp; But your income will be properly reported and that's what's really important.</P><P>Of course, you are supposed to provide a 1099-B to the nominee and to the IRS, but I expect as a practical matter this doesn't happen too often.</P><P> <B></B> <I></I> <U></U> <BR /> </P>
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