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DonnCym
Returning Member

how can I designate stock transactions between taxpayer and spouse for purposesof PA 40 Schedule D?

All stocks are covered transactions
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4 Replies
RachelW33
Expert Alumni

how can I designate stock transactions between taxpayer and spouse for purposesof PA 40 Schedule D?

When walking through the preparation of your Pennsylvania return in TurboTax, you will eventually come to the screen PA Ownership of Gains and Losses.  This is where you can designate how the gains/losses from your stock transactions should be divided between taxpayer and spouse.

 

 

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DonnCym
Returning Member

how can I designate stock transactions between taxpayer and spouse for purposesof PA 40 Schedule D?

unfortunately, both parties have longterm covered securities and when it comes to the Pa return it is combined  as one number.  I can only designated taxpayer, spouse or both.  Is there anyway on the federal input to designate whose stock sales they are? 

DianeW777
Expert Alumni

how can I designate stock transactions between taxpayer and spouse for purposesof PA 40 Schedule D?

It depends. In the federal return you can divide the entry to make two of them split in half. On the PA return, there should be two entries on the PA return. It's not clear why you would need to spit them on a joint return.

 

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DonnCym
Returning Member

how can I designate stock transactions between taxpayer and spouse for purposesof PA 40 Schedule D?

On the federal forms I made two entries 1 for taxpayer and 1 for spouse. Each had longterm gains that basis was reported. One had a ln overall gain, the other and overall loss. For PA tax returns gains from one spouse can not be offset by losses from the other spouse  TurboTax combines when it brings it to the PA return and it doesn’t appear to have any way to split unevenly on the PA sheets

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