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Business & farm
It might be better to prepare each tax return before you make the community property income adjusment. If you do that, you can look at line 11 on each Form 1040 (adjusted gross income) and add those two amounts together and then divide by two. Then, use that number and subtract the amount on each partner's line 11 to determine the income adjustment.
Also, you will need to do a similar adjustment for the tax withheld form each partner's pay.
{Edited 3/21/23 at 12:07 PM PST}
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March 19, 2023
5:18 AM