topic Can I allocate 50% of income from a joint account to one spouse in Maryland in State tax filing

Can I allocate 50% of income from a joint account to one spouse in Maryland

MD-taxpayer — Sat, 01 Jun 2019 21:09:27 GMT

We live in MD and I am completing our return. I am being asked how much of our cap gain income and fed exempt investment income is attributable to each spouse. The accounts are held jointly. If I allocate all to one person, we get a $7 deduction. If I allocate it 50/50, we get a $1200 deduction so this is material.

Yes, you can allocate a joint account 50%-50% between spo...

CarolynM — Sat, 01 Jun 2019 21:09:29 GMT

Yes, you can allocate a joint account 50%-50% between spouses for your Maryland tax return.

Re: Yes, you can allocate a joint account 50%-50% between spo...

sava81 — Wed, 23 Mar 2022 16:42:04 GMT

Is the same true for the Virginia State return?

Re: Yes, you can allocate a joint account 50%-50% between spo...

DianeW777 — Wed, 23 Mar 2022 17:00:28 GMT

Yes because you both jointly own the income. Filing status will be a factor. More information can be found at the link below for your specific situation.

As a general rule, you may not divide income equally between spouses. Virginia additions and subtractions with respect to trade, business, production of income or employment must be allocated to the spouse to whom they relate.
VA General Filing Information

@sava81