bernie10
Level 3
08-29-2020
08:18 PM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
How do I allocate income to another taxpayer?
Labels
Just-Lisa-Now-
Level 15
08-29-2020
09:03 PM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
What type of income? Whats the situation?
♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
bernie10
Level 3
08-31-2020
07:52 AM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
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
Level 11
08-31-2020
08:58 AM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
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.