itonewbie
Level 15
12-07-2019
08:12 AM
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You should always report the gross amount reported on the 1099. Most software should have a line for nominee interest/dividends on the same input screen(s) used to enter interest/dividends. Since I don't use PS, I can't be more specific than that.
In case there is no line entry for that (which would be unusual), you can always enter nominee interest/dividend as a negative amount with "Nominee Interest" or "Nominee Dividend" as the description. Essentially, that separate line entry would offset the gross amounts reported on the 1099s (which the IRS can match) and the net amount is the taxable income.
Others who use PS may stop by to give you more specific instructions for the input.
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