I'm having difficulty determining how to split the community income for my domestic partnership in California. First, I'm uncertain about what income qualifies and where to locate the specific figures. And secondly, I want to double-check that I'm accurately calculating the necessary adjustments.
On the summary page that says 'Here’s a picture of your 2023 income,' can I rely on the total provided at the bottom labeled 'Total Income'? My partner's total income is approximately $90,000, which consists of wages, interest, capital loss, unemployment benefits, and income from a canceled debt. I'm uncertain if all these items constitute as community income, particularly the canceled debt and the capital loss on stocks.
I had minimal income, approximately $1,200 from a small business.
If I'm understanding this correctly, the total community income between us both would be $91,200 ($90,000 from my partner + $1,200 from me). So therefore, each of our share would be $45,600, ($91,200 / 2).
$45,600 - $90,000 = -44,400.
$45,600 - $1,200 = 44,400
So on the page where it asks "Community Property Income Adjustments", I would input $44,400 for my partner in the Community Property Subtraction Adjustment column, and I would put $44,400 in the Community Property Addition Adjustment column for myself.
Am I understanding this correctly?
