How do I allocate income to another taxpayer?

[bernie10]

How do I allocate income to another taxpayer?

[Just-Lisa-Now-]

What type of income? Whats the situation?

[bernie10]

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]

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.