This discussion has been locked. No new contributions can be made. You may start a new discussion here
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.
Pro Series is not letting me put a negative number on Schedule B. Now what?
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".
First – thank you so kindly for the reply. I followed your steps, but I must have done something wrong. It is still not showing up on Schedule B. Further guidance?
Put in total interest as normal. Go into addl info and put in nominee info, but NOT as a negative number. Go back and look at Sch B actual form (not the worksheet). At the bottom it will show Subtotal and then the next line will be Nominee with a subtraction. I just tested it and it works in the 2020 program.
Ok - Thanks. I realized my mistake. I was still creating a separate entry for all nominee income. Now I realize that I must go back and do an adjustment for each entry.
Thanks so much for your help.
You have clicked a link to a site outside of the Intuit Accountants Community. By clicking "Continue", you will leave the community and be taken to that site instead.