I have two unmarried friends that are the joint owners of a Vanguard brokerage account. They were asking me if they could each claim half of the dividends on their taxes. I said IRS says yes you can do that, but I also wasn't sure if the way Vanguard reports the dividends makes that do-able. Does the 1099-DIV generated by a Vanguard joint account for a non-married couple list only list one owner on it with all of the dividends or does it generate a separate 1099-DIV with only half the dividends on it for each owner or is there maybe a toggle that you have to throw in the account configuration to get it do one or the other? I was a little hesitant to tell the one owner who received the 1099-DIV with all the dividends on it that they should only claim half of that amount on their taxes since the IRS would have a received the same form with all of the dividends on it.
Statistics: Posted by cjcerny — Wed Apr 10, 2024 12:08 pm — Replies 1 — Views 133