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Retirement tax questions
Well TT cannot but you can split all the entries yourself and just enter 1/2 on each tax return ... however the person whose SS# is on the K-1 will most likely get an IRS letter wanting to know where the other 1/2 of the income went.
If you cannot agree to file a joint return then maybe a compromise can be reached. The person whose SS# is on the K-1 reports all of the income & the other person reimburses them for 1/2 the extra tax incurred. To compute this simply enter everything EXCEPT the K-1 ... look at the bottom line ... then add the K-1 ... and look at the bottom line again ... the difference is the extra tax liability so divide in 2.
If you cannot agree to file a joint return then maybe a compromise can be reached. The person whose SS# is on the K-1 reports all of the income & the other person reimburses them for 1/2 the extra tax incurred. To compute this simply enter everything EXCEPT the K-1 ... look at the bottom line ... then add the K-1 ... and look at the bottom line again ... the difference is the extra tax liability so divide in 2.
May 31, 2019
6:19 PM