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93nighthawk
Level 2

HOW TO DO SHARED POLICY PERCENTAGES?

Could someone please clarify if this would be correct?  Below is an example about what I am talking about.

 

ie:  Parent Form

 

80p.JPG

 

Child's Form:

20p.JPG

 

Does each box from the Parent/Child need to equal 100%?  Or do certain boxes on both returns need to be 100%?

 

 

 

 

2 Best answer

Accepted Solutions
Critter
Level 15

HOW TO DO SHARED POLICY PERCENTAGES?

For each category the total % between the 2 returns must be 100% ... your screenshot shows a correct combination. Play with the combinations on both returns to see what gets the best results for everyone combined.  It is possible for one return to take 100% and the other 0%.

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ColeenD3
Employee Tax Expert

HOW TO DO SHARED POLICY PERCENTAGES?

Yes. It is up to you how you want to prorate, as long as each adds up to 100%.

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5 Replies
Anonymous
Not applicable

HOW TO DO SHARED POLICY PERCENTAGES?

is the child filing his/her own tax return? 

93nighthawk
Level 2

HOW TO DO SHARED POLICY PERCENTAGES?

Yes, they are filing their own tax return.

Critter
Level 15

HOW TO DO SHARED POLICY PERCENTAGES?

For each category the total % between the 2 returns must be 100% ... your screenshot shows a correct combination. Play with the combinations on both returns to see what gets the best results for everyone combined.  It is possible for one return to take 100% and the other 0%.

View solution in original post

93nighthawk
Level 2

HOW TO DO SHARED POLICY PERCENTAGES?

So for example could you do this:

 

Mine:  80   80   70

 

Child: 20  20  30

 

Would this be acceptable?

ColeenD3
Employee Tax Expert

HOW TO DO SHARED POLICY PERCENTAGES?

Yes. It is up to you how you want to prorate, as long as each adds up to 100%.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

View solution in original post

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