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Get your taxes done using TurboTax
If you are in a community property state, split the 1099-INT in half. Otherwise, you can enter all or part in either return but beware which social is listed as you may need to make nominee entries. To make life simple, I would put it on the return that has the matching social.
The IRS has the form and the social and will be looking to match it up. If your social is on the form, the IRS will be looking at your return. When the IRS sees a community property state, they expect half of it. Otherwise, they will assume it is all yours. If you want part of it on your spouse's return, you have to make a second entry on your return explaining that some of it is being moved to your spouse's return.
Follow these steps for the owner of the 1099-INT:
- Open your return to federal income
- Select to enter interest income
- Enter the 1099-INT
- Continue
- Select that you need to make an adjustment.
- Enter the amount and select it is for someone else.
- Continue
- Done
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