Question

Does turbo tax do a Nominee returns for a joint stock account?

Forum|Forum|5 years ago
May 3, 2021
1 reply
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I have a joint stock account with my daughter and she is 26 years and file her tax separately I opened a stock account to give her gift and stock account is a joint account. How should i file Nominee return when doing my tax with turbo tax since she get the entire gain or loss.

TurboTax Online

Critter-3

The account should be in her SS# since she is no longer a minor. This way only she will claim the income since the account was opened for her so until you get that changed you will need to keep reporting the income on your return. The program will let you nominee interest and possibly dividends but not stock sales.

A

ARDY4Author

This is a respond on TURBOTAX that is diffrent from yours. Please advise.

Solved: Can I adjust capital gains and losses that I receive as a Nominee? How do I adjust these gains/losses? (intuit.com)

For capital gains and losses, the answer is not so simple. Enter the sales exactly as reported on the 1099-B. Under the Sales Category box, you will see the sentence If you have additional info about this sale, you can enter it... (see the second screenshot.) Adjust the cost basis so that your gain comes out to your share as nominee. It's an ugly way to do it, but you will get the right answer for tax purposes