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.
You'll need to sign in or create an account to connect with an expert.
@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.
@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.
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.
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
Oveespub
New Member
Graham B
New Member
adamtki69
New Member
jctaxfile
Level 2
alanpariser-1
Level 2
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.