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Category: 1099's

I received Form 1099-DIV and the income belongs to someone else.

Generally, if you receive a Form 1099-DIV for amounts that actually belong to another person, you are considered the nominee recipient. To assign the income to the correct owner(s), you must file Form 1099-DIV, with the IRS and the actual owners, as the payer to each owner showing them their amounts. On each 1099-DIV form, you will list yourself as the payer and the other owner as the recipient. Allocate the income to each owner. As the nominee recipient, you are responsible for reporting this income. Click here for a sample Form 1099-DIV.

To report the new Form(s) 1099-DIV to the IRS, you must file Form 1096 along with a copy of all Forms 1099-DIV. This form is a summary of all Form 1099-DIV created. Click here for a sample Form 1096.

Because both Form 1099-DIV and Form 1096 are scannable forms, original forms are required. You can obtain original forms from your local IRS office.