topic yes in Get your taxes done using TurboTax

If I file married filing separate how do I handle stock sales in a joint account ?

jjwasco — Mon, 03 Jun 2019 19:41:34 GMT

When married filing separate how do I handle stock transactions ? I've seen several posts that the sales should be split equally with a note in the taxes who has the registered ss#, but how does that note get added ? When the stock transactions are imported right from the broker, is there an easy way to split between the 2 returns ?

Is the Brokerage account a joint account?

JaimeG — Mon, 03 Jun 2019 19:41:35 GMT

Is the Brokerage account a joint account?

yes

jjwasco — Mon, 03 Jun 2019 19:41:36 GMT

yes

You will have to enter the information transferred fro th...

JaimeG — Mon, 03 Jun 2019 19:41:38 GMT

You will have to enter the information transferred fro the Brokerage firms manually in order to allocate the Gain or Loss equally in your wife's and your returns (50/50). So, unfortunately there is no easy way to do this.

Additionally, you will not be able to include an explanation when you e-file. If you would like to include an explanation on a certain position you have taken you will have to send a Paper Return accompanied with Form 8275 in order to explain the allocation and avoid any Penalties for underreporting.

Form 8275: https://www.irs.gov/pub/irs-access/f8275_accessible.pdf

Instructions: https://www.irs.gov/pub/irs-pdf/i8275.pdf