topic Married filing separately: Our investment income is reported jointly on 1099s. How do I fill out the forms? Do I report half the income to me, and enter the 1/2 amount? in Retirement tax questions

Married filing separately: Our investment income is reported jointly on 1099s. How do I fill out the forms? Do I report half the income to me, and enter the 1/2 amount?

matt-k — Wed, 05 Jun 2019 03:17:50 GMT

I've always filed jointly in the past. Do I divide the reported amounts, and enter half? Will this lead to audit?

Yes, most married couples that decide to file separately...

SeanE1 — Wed, 05 Jun 2019 03:17:53 GMT

Yes, most married couples that decide to file separately divide their investment income 50/50, and a few divide it in proportion to their annual income. For example, if one spouse made $75K annually and the other made $25K , they would split the investment income 75/25. Splitting investment income does not lead to audits as long as 100% of the income is reported.

Re: Yes, most married couples that decide to file separately...

old2018ing — Sun, 16 Apr 2023 20:54:52 GMT

How do i divide the investments on turbo tax, we are married filing separately and i want to split the gains 50/50. where on the turbo tax documents do i split the income?

Re: Married filing separately: Our investment income is reported jointly on 1099s. How do I fill ...

Cynthiad66 — Mon, 17 Apr 2023 15:36:51 GMT

Upon entering the tax information you report your share that you are claiming. That means that you split the information on the form 1099 to your percentage share only and enter that information. If there are specific investments that are in your name only, they should only be reported by you.

If you need additional assistance, please come back to this forum.

@old2018ing

Re: Married filing separately: Our investment income is reported jointly on 1099s. How do I fill ...

old2018ing — Mon, 17 Apr 2023 22:55:28 GMT

Ok, Turbo tax imported the numbers and i need to reduce them by half, but not seeing an option to do that, any help would be appreciated.

Re: Married filing separately: Our investment income is reported jointly on 1099s. How do I fill ...

KrisD15 — Mon, 17 Apr 2023 23:18:15 GMT

Have you returned to the screen where the 1099 is listed and selected "Edit"?

If you are not able to edit, you will need to delete it and enter it manually (type it in) so that you can claim only half.

To Delete a Form in Desktop:
Simply switch to FORMS (top right corner)
Find the form you want
Select DELETE located at the bottom of the screen
Confirm

To Delete a Form in Online:
Click TAX TOOLS on the left side-bar
Click TOOLS on the Drop-Down
Click “Delete a Form” on the TOOLS CENTER screen
Click Delete next to the form on the list
Confirm and continue