Can you explain Allocate Federal amount to myself or husband?

Forum|Forum|5 years ago
March 7, 2021
5 replies
80 views

Married filing jointly the question is I may be able to exclude part of income from Maryland taxes. How would that work

TurboTax Premier Online

LenaH

Alumni - Expert

Per the State of Maryland, a deduction of up to $1,200 is provided for two-income married couples who file a joint income tax return and who both have taxable income. The income can only be from wages, pensions, or business income. This is a state-only deduction that reduces your taxable income.

Allocation Between Spouses Examples:

Wages- Allocate wages to the spouse who earned the income.
Pensions - Allocate pensions to the spouse who received the distribution.
Business - Allocate business income according to owner of the business or participation in the business.

**Say "Thanks" by clicking the thumb icon in a post. **Mark the post that answers your question by clicking on "Mark as Best Answer"

smurphette

Level 2

I have the same question. It has an amount we are supposed to allocate a portion of, but I have no idea where that number came from in the first place, so how would I know how much to allocate?

ErnieS0

Alumni - Intuit

The general rule is to allocate jointly owned property half and half and anything else according to the owner. For example, if you have a joint bank account, that would be divided equally, but if you have separate accounts you would each report your share.

If you tell us what Maryland is asking you to allocate, someone in Live Community would be able to give you a more specific answer.

Please feel free to reach out to TurboTax Community if you need additional help or click here for information on Turbo Tax Support. You can connect with a Live Agent over the phone and share your screen.

@smurphette

**Say "Thanks" by clicking the thumb icon in a post. **Mark the post that answers your question by clicking on "Mark as Best Answer"