I shared this coverage with one of my adult daughters who is not on my taxes. My question is do I enter the full dollar amounts listed in each column on my taxes and hers or do we divide each amount listed if we are splitting it? I found the section that ask if you are sharing this policy with someone and added her social security number, etc. The issue is even though I selected this policy was shared it is still showing that I will have to pay back the full amount. Thanks in advance to anyone who can help with this.
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you list the full amounts in Turbotax and then do a policy allocation since you are not claiming her. She needs this info because she must include what you allocate to her on her return. how you split is between the two of you. the allocation % should show up in part IV for all columns. columns a,b, and F in part II should only be your portion.
what happens in Part II is that the full amounts entered are reduced by the % you allocate to her
you must use the same % for all the items.
Thank you so much for the help! I entered the full amount on mine but I do not see that the amounts changed. Should I just clear the form and start over or does the percentage only show up on hers? My apologies, this is the first time I have not claimed her as a dependent.
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