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Based on the information below, if more than one person owns the same investment, each would report their portion of the investment income on their return. We also recommend they attach an explanation to each return.

Per IRS Publication 550 Investment Income and Expenses, page 4:

Joint accounts. If two or more persons hold property (such as a savings account, bond, or stock) as joint tenants, tenants by the entirety, or tenants in common, each person's share of any interest or dividends from the property is determined by local law.

On one return (the person with the SSN reported on the form received) enter an explanation that the income from the Form 1099-B is jointly owned and XX% is reported on return with SSN XXX-XX-XXXX.

On the other return (the person who didn't receive a form) enter an explanation that the income reported on the Form 1099-B was reported to SSN XXX-XX-XXXX and you own XX% of that income.

To enter the 1099-B into the program:

  1. From within your TaxAct return (Online or Desktop), click Federal. On smaller devices, click the menu icon in the upper left-hand corner, then select Federal
  2. Click Investment Income to expand the category and click Gain or loss on the sale of investments
  3. Click Capital Gain or loss (Form 1099-B)
  4. Click +Add Form 1099-B to create a new Form 1099-B or Review to review a form already created
  5. Enter information from the 1099-B, with your percentage of proceeds and cost basis. The date sold and date acquired would be the same as what is on the 1099-B.
To add an explanation to your return:
  1. Click Federal. On smaller devices, click the menu icon in the upper left-hand corner, then select Federal
  2. Click Miscellaneous Topics in the middle of the screen to expand the category and click Additional Information for E-Filing
  3. Click E-Filing Notes and Explanations
  4. Enter your explanation in the section Notes for Electronic Return

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