When filing married filing separately for the first time how do I allocate the stimulus received and interest income on joint accounts?

Forum|Forum|5 years ago
March 30, 2021
2 replies
43 views

I can separate our wages and our unemployment income but the stimulus was paid jointly as was the interest. How should that be reported on each spouses return? Turbo tax says u must report the stimulus amounts exactly.

TurboTax Online

Best answer by Opus 17

The stimulus depends on how it was paid. If the IRS recognized that you were joint filers, then they would have paid $2400 and $1200, and you would report half each. If your income was more than $150,000 so that the stimulus was reduced, you would still report half each. However, if only one of you received a payment, then it might have been $1200 to one spouse and zero to the other. Look at your letters (form 1444 and 1444-B) that the IRS sent.

Interest income on joint investments can be divided any way you choose.

If you live in a community property state, you would divide the interest 50/50, but you would also have to divide the wages and UEC 50/50 in most cases. Separate returns in a community property state often require professional help.

Opus 17

Answer

Level 15

Interest income on joint investments can be divided any way you choose.

jenjulAuthor

Level 2

Thanks so much. I am in Michigan, so no community property. Our stimulus was reduced but I assume it was paid jointly because we always filed jointly before. When turbo tax asks for the exact amount of stimulus paid, I was hesitant to cut it in half for fear that it would raise a red flag on the return.