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Filing married separately – do I divide every individual box value by 2?
If I want to file married separately, do each of us take the value of every box for joint accounts (banks, brokerages) and divide by 2? This would mean that if we sold a stock in a joint brokerage account, values like "sale proceeds" or "cost basis" are each divided by 2. The same goes with individual fields in 1099-INT and 1099-DIV forms. Is this the right way to do it, or does TurboTax automatically handle the split?
If relevant, we're based in California.
April 15, 2023
12:09 AM