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