bernie10
Level 2

How do I allocate income to another taxpayer?

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Just-Lisa-Now-
Level 15
Level 15
What type of income? Whats the situation?

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
bernie10
Level 2

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.

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PhoebeRoberts
Level 9
Level 9

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.