Solved: investment club splitting 1099B results
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New Member

investment club splitting 1099B results

I am a 1/4 owner in investment club and we received one 1099B form. How do I enter the short and long term transactions without TurboTax auto filling the line 7 info? I only want to claim my 1/4 share.

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Level 15

investment club splitting 1099B results


@Miggy24 wrote:

I am a 1/4 owner in investment club and we received one 1099B form. How do I enter the short and long term transactions without TurboTax auto filling the line 7 info? I only want to claim my 1/4 share.


An investment club is typically set up as partnership (or multi-member LLC) and files a Form 1065, which results in each member receiving a K-1 and reporting gains/losses from that K-1 on his/her individual income tax return.

 

If you have one 1099-B for all of the members of the club, in whose name (and tax ID number) is the 1099? If the 1099-B was only issued to one member of the club, then that member has to report the all of the transactions on his/her income tax return as nominee and then subtract out the portion (3/4 share in this case) that belong to the other members.

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2 Replies
Level 15

investment club splitting 1099B results


@Miggy24 wrote:

I am a 1/4 owner in investment club and we received one 1099B form. How do I enter the short and long term transactions without TurboTax auto filling the line 7 info? I only want to claim my 1/4 share.


An investment club is typically set up as partnership (or multi-member LLC) and files a Form 1065, which results in each member receiving a K-1 and reporting gains/losses from that K-1 on his/her individual income tax return.

 

If you have one 1099-B for all of the members of the club, in whose name (and tax ID number) is the 1099? If the 1099-B was only issued to one member of the club, then that member has to report the all of the transactions on his/her income tax return as nominee and then subtract out the portion (3/4 share in this case) that belong to the other members.

View solution in original post

New Member

investment club splitting 1099B results

Thank you for the response. It looks like the answer is Turbo Tax does not allow for any manual adjustments on a 1099B form/worksheet. It does the math for you and that is final. 

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