Entering negative amount for income

Forum|Forum|5 years ago
July 6, 2020
2 replies
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I am doing a final income tax return and am splitting the income between the 1040 and the 1041. I have input the full amount on the 1099s on the 1040 but need to put in an additional entry as a negative to allocate that amount to the 1041. However, I cannot get TurboTax to accept a negative number.

How can I get in negative amount for dividends and capital gain distributions?

Best answer by Anonymous_

@WEM wrote:
How can I get in negative amount for dividends and capital gain distributions?

If you are not using a desktop (installed) version of TurboTax, you will most likely need to switch.

The online versions of TurboTax do not support Forms Mode and that mode is necessary to make the proper correction after receiving capital gains as a nominee. Technically, TurboTax does not support that scenario either, but it can be done manually in Forms Mode.

Anonymous_Answer

Level 15

@WEM wrote:
How can I get in negative amount for dividends and capital gain distributions?

If you are not using a desktop (installed) version of TurboTax, you will most likely need to switch.

VolvoGirl

Level 15

I haven't checked to see if the steps are still the same but here's my notes......

Sound like you are asking about nominee interest.

Here's how to split the 1099Int for Nominee Interest. Enter a 1099-Int under

Federal Taxes tab

Wages & Income

Interest and Dividends

Interest on 1099-INT - Click the Start or Update button

Whoever's ssn is on the 1099 enters the whole amount on their return. Then after you enter it, on the next page it will ask

Tell us if any of these uncommon situations Apply and pick the first one, We need to adjust the taxable amount.

Then on the next page fill in the amount as a POSITIVE number and pick the first reason "I received all or part of this interest for someone else".

Anonymous_

Level 15

Nominee Dispositions: The program does not support reporting a transaction for which you received a Form 1099-B or 1099-S as a nominee for the actual owner of the property.

See Item #28 under Income: https://digitalasset.intuit.com/DOCUMENT/A7LDFEv4x/040120-2019-unsupported-calcs-L1FQfTTgn.pdf