bernie10
Level 2
‎08-29-2020
08:18 PM
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How do I allocate income to another taxpayer?
3 Replies 3
Level 15
‎08-29-2020
09:03 PM
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What type of income? Whats the situation?
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bernie10
Level 2
‎08-31-2020
07:52 AM
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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.
Level 9
‎08-31-2020
08:58 AM
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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.