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Get your taxes done using TurboTax
@TurboTaxCaro Thanks for your help. Just to clarify, let's use some hypothetical numbers. Wife works at Corp A with wages of $80,000 and tax withholding of $6,000. Husband works at Corp B with wages of $100,000 and tax withholding of $8,000.
On wife's 1040:
Would it then be Corp A wages of $40,000 and Corp B wages of $50,000 (even though this is husband's employer)? THEN, on line 7, it would show $90,000 (eventhough wife's employer really didn't report $90,000 but instead $80,000). Tax withholding would be Corp A - $3,000 and Corp B - $4,000?
On husband's 1040:
Rinse repeat above
On the 8958 form:
Wife:
Show actual withholding total of $14,000 then $7,000 allocated to each spouse OR $6,000 allocated to wife and $8,000 allocated to husband.
Also, if we are already doing the split tango, we do not need to complete the community property income addition/subtraction adjustment in line 21, correct? If we are already doing this split, there is no longer the need to adjust, correct?
Thanks again for the help!
On wife's 1040:
Would it then be Corp A wages of $40,000 and Corp B wages of $50,000 (even though this is husband's employer)? THEN, on line 7, it would show $90,000 (eventhough wife's employer really didn't report $90,000 but instead $80,000). Tax withholding would be Corp A - $3,000 and Corp B - $4,000?
On husband's 1040:
Rinse repeat above
On the 8958 form:
Wife:
Show actual withholding total of $14,000 then $7,000 allocated to each spouse OR $6,000 allocated to wife and $8,000 allocated to husband.
Also, if we are already doing the split tango, we do not need to complete the community property income addition/subtraction adjustment in line 21, correct? If we are already doing this split, there is no longer the need to adjust, correct?
Thanks again for the help!
‎June 4, 2019
12:52 PM