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jimsmaron
Level 1
March 5, 2020
Question

How do I report nominee interest income on Schedule B, Form 1041?

  • March 5, 2020
  • 6 replies
  • 44 views
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6 replies

dascpa
dascpa
Level 11
March 5, 2020

Unlike the 1040 there is no "built-in" nominee button to hit.  After all lines of the Schedule B you add another line called "Nominee Distribution" and put a negative number on the line.  Some people will put the SSN or EIN or the tax return where the nominee income should be reported on.

    W
    wfp
    Level 3
    February 23, 2021

    Pro Series is not letting me put a negative number on Schedule B.  Now what?

    dascpa
    dascpa
    Level 11
    February 23, 2021

    The post you are referring back to was for a 1041.  You can put a negative number there.  for a 1040 double-click on the interest line to get to the Additional Information worksheet.  There under E: Adjustment Information  you can select the type of adjustment and the amount of adjustment. Nominee is choice "N".

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