Should Joint Account tax return form 1099-DIV be completed by one holder or both?

Question

Hi there,

Me and my wife opened TEN ENT WROS joint investment account in July, 2013. Now, we received a form 1099-DIV with my name as RECIPIENT and with my SSN. Should the form be completed by both of us or just me as a primary holder? Investments were made from our joint bank account.

Thanks.

Answer 1

MFJ 2 cotaxpayer for the 2013 tax filing season with 2 exemptions 1 for each cotaxpayer.

But you do say that you will be filing as MFS returns and your name and SSN is on the 1099-DIV then you would report the amounts from the 1099-DIV on the correct lines of your 1040 FIT return during the 2014 tax filing season.

AS joint owners of the 1099-DIV amounts you would need to divide the amounts up and issue out to your spouse the share of the 1099-DIV amounts that would have to be correctly reported on the correct line of your spouse 1040 FIT return during the 2014 tax filing season for the 2013 tax year.

Hope that you find the above enclosed information useful. 01/18/2014

Answer 2

If you received a Form 1099-DIV, there is nothing on that form that you need to complete.



If you are asking whether the form should have been made out to both of you - it only goes to one recipient, usually the primary account holder. If you file a joint tax return, it doesn't make any difference.

Answer 3

Both of you should report your share of the income, which would be half assuming the account was funded with joint funds. When you report the dividend you need to indicate that part of the income was received as a nominee. This nominee distribution will reduce the dividend you report to your share of the income.



You do not need to do a 1099-DIV since the income will be reported by your spouse.



http://www.irs.gov/publications/p550/ch01.html#en_US_2013_publink100010126

Answer 4

Unless you are filing Married Filing Separately, it does not matter whose name is in the 1099-DIV.



You are not required to file a joint return, but assuming that you do you show all of your joint income on it, so the fact that her name is not on the 1099-DIV is irrelevant.

Answer 5

"going to file married separately. Who should indicate this dividend as an income on their Federal and State tax return"



The person reporting the income MUST match the information (name and SS #) reported to the IRS.

Answer 6

you are filing a married joint tax return and everything you claim on that return for income, credits and deductions are each half yours and hers

if the 1099 D is in your name and SSN entering it on the 1040 ascribes half to her automatically

Answer 7

Since you are married, you must file married filing jointly. When filing your DIV, try to use the software then scroll down toward who own the account (Primary, Spouse or Both) Select both and not to worry

Answer 8

No. 1099s are not attached.

Answer 9

Assuming you are filing jointly it does not matter. You do it as the form says.