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Adjustments to 1099-DIV due to divorce
I was divorced in 2021 and received a 1099-DIV from my brokerage firm for an account (now empty) owned jointly with my wife. I am confused as to how to adjust the joint 1099-DIV so it reflects income that was split 50-50. Can I simply change the values imported into Turbo Tax by 50 percent? Besides ordinary and qualified dividends, there are values reported for Nondividend Distributions, Section 199A Dividends and Foreign Tax Paid. Shouldn't the amounts I enter on my return and the amounts my former spouse enter on hers add up to what was on the original 1099-DIV in each category?
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March 28, 2022
11:59 AM