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Level 3

Question

Change Filing Status on 2020 Returns Already Filed-How is Joint Income Divided?

Forum|Forum|5 years ago
March 31, 2021
5 replies
54 views

To take advantage of the recent Stimulus Act change regarding unemployment payments and stimulus rebate, I am looking to change our filing status from joint to MFS. The return was already filed and accepted. How do I split interest and dividend income on jointly-owned savings and investments? How about capital gains and losses?

Alumni - Intuit

You can split jointly owned savings and investments assigning percentage of ownership to each spouse and disclosing same in the explanation of changes field on the Form 1040-X.

You want to be clear on this as the brokerage likely has reported the earnings to the IRS under only one social security number.

Use language like "Joint ownership with X% reported here and Y% reported under so and so with social security number ###-##-####."

Your amended returns need to be filed by the May 17th filing deadline - after that date amending to changed from Married Filing Jointly to Married Filing Separately will no longer be allowed.

How to Change Your Tax Filing Status

Level 3

When a specific percentage of ownership is not designated on a joint savings or investment account, should the default be 50/50?

Level 15

@Davefeld Yes, you would assign a 50% ownership to a joint investment unless it was clearly specified otherwise.

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