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posted Feb 23, 2025 6:39:42 PM

Joint Community Property Investment Account Filing Separately

Hi, 

I need help with how to proceed with filing for 1099-DIV and 1099-B on a joint community property investment account. Both my name and my husband's name are listed in the statement. We did not live together in 2024 and are filing separately. How should I file for my part? Thanks so much for helping!

 

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1 Replies
Expert Alumni
Feb 23, 2025 7:17:40 PM

Here's how you can handle filing for 1099-DIV and 1099-B on a joint community property investment account when filing separately:

 

  1. Since you live in a community property state, you generally need to split the income 50/50. This applies to both dividends (1099-DIV) and capital gains (1099-B).
  2. Enter Your Share in TurboTax:
    1. 1099-DIV: When entering the 1099-DIV information in TurboTax, report only your share of the dividends. For example, if the total dividends are $1,000, you would report $500.
    2. 1099-B: Similarly, for the 1099-B, report only your share of the capital gains or losses. If the total capital gain is $2,000, you would report $1,000.

Keep Records: Ensure you keep detailed records of how you split the income and the calculations you used. This will be helpful if the IRS has any questions.

 

For more detailed guidance, you can refer to the IRS guidelines on community property.