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I have a brokerage account and my name is on it. Can my wife submit the income from this account when we both submit tax as head of house hold?
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No.
If you file as Married Filing Jointly (MFJ), she will effectively have half the income (but not actually, it's still entered as your income). Using any other filing status (HOH or MFS), you must report your income and she must report hers. There is an exception for community property states, but then she would report only have your income.
What makes you think either of you, or both, can file as Head of Household (HOH)? It's rare for one married person to qualify as HOH, and incredibly rare for both spouses to qualify.
Thanks for the response. appreciate it! I have moved to another state but the same company while my wife doing job in my old state. Since my new location is 800 miles away from my home, I need to rent apt./room to stay there along with all the expenses come with it.
forgot to mention that one of my kids studying out of state where I need to pay the tuition and other kid goes to high school, staying with mom. each of us claiming one dependent.
If you and your wife were legally married as of 12/31/2019, and you lived together at any time during the last six months of 2019, neither one of you can file as Head of Household.
https://turbotax.intuit.com/tax-tips/family/guide-to-filing-taxes-as-head-of-household/L4Nx6DYu9
Your kid, not living with you (studying out of state), is not a qualifying person for using Head of Household (HoH) filing status, even though he may qualify as your dependent. Your dependent must reside with you, to use HoH.
Furthermore, to claim HoH, you must totally live apart from your spouse for the last half of the year. Not even one night together.
Neither you or your wife qualify to file HOH. To file HOH you must be "considered unmarried".
Keep in mind that if you and your spouse lived in separate homes due to a temporary circumstance, such as military service, business trips, a stay in a medical treatment facility, or attendance at college, the IRS still considers you married for that tax year.
@asm_ahsan wrote:
Thanks for the response. appreciate it! I have moved to another state but the same company while my wife doing job in my old state. Since my new location is 800 miles away from my home, I need to rent apt./room to stay there along with all the expenses come with it.
You are still allowed to file jointly even if you are living apart, and it will probably save you considerably on taxes. Many deductions and credits are disallowed or reduced if you file separately.
As mentioned by others, you don't qualify to file HOH, and your spouse does not qualify if you lived together for even one night after July 1, 2019.
You can file Joint federal returns and separate state returns.
If you need to file a Joint federal and separate state returns
Reading the FAQ it looks like you have to use 3 accounts. One to file the Joint return. Then you each need another account to fill out fake federal MFS returns to do your separate state returns. So you will have to PAY for 3 online accounts (3 federal returns and 2 state returns). That's why it's cheaper to use the Desktop installed program. If you don't have a computer to install the desktop program on maybe it would be cheaper and easier to go to a local accountant or tax place.
Online is only good for 1 return per account. But you can use the same email address for 5 accounts. How to start another return in the Online version
Or buy the Desktop CD/Download program here
https://turbotax.intuit.com/personal-taxes/cd-download/
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