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bernie10
Level 3
August 30, 2020
Question

How do I allocate income to another taxpayer?

  • August 30, 2020
  • 1 reply
  • 13 views

How do I allocate income to another taxpayer?

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1 reply

Just-Lisa-Now-
Just-Lisa-Now-Intuit Community Champion
Intuit Community Champion
August 30, 2020
What type of income? Whats the situation?
♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
    B
    bernie10Author
    Level 3
    August 31, 2020

    There are several joint bank accounts and a brokerage account.  The agreement was to split the income but it is all being reported under one social security number.  The banks say they can't split it.

    PhoebeRoberts
    PhoebeRobertsIntuit Community Champion
    Intuit Community Champion
    August 31, 2020

    The client whose SSN everything was reported in backs out the other person's share as nominee income. They issue a 1099 to the other person reporting their share to them.

    Consider also whether they've formed a general partnership under state law, and a 1065 should be filed rather than using the nominee method.

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