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In the U.S., if I receive a 1099-DIV for an account that is titled with me as joint tenant with another individual that lists my name first and is reporting under my social security number, how do I handle this income if the other joint tenant has already taken this income on their tax return?

I heard something about claiming Nominee Dividend on the Schedule B, but I'm not sure how I would report that on Schedule B. Do I just add another line in Part II - Dividend Income that is a negative number to cancel out the line that corresponds to the 1099-DIV reported amount for the joint account?

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Yes, that would probably do. You'll probably need to attach a statement explaining that the other account holder already reported the income.

However, a tricky situation may occur if the other tenant paid no tax while you would. In this case, I'm not sure what would be the right way to handle the situation and suggest to talk to a licensed tax adviser (EA/CPA licensed in your State). If you both pay the same tax rate on dividends, then it is not an issue.

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