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How to split 1099-B, DIV, OID, INT for income before divorce

My divorce was final in April 2021 and our shared investment account was subsequently split in half.   But I received 1099-B, DIV, OID, and INT from Schwab for the months before the shared account was split up and closed.    Using TurboTax, how do I allocate half of that income to my ex-spouse and reflect that in my own tax return to lower my tax liability accordingly?

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3 Replies

How to split 1099-B, DIV, OID, INT for income before divorce

This is off the top of my head and I welcome other opinions. You could report duplicate INT and DIV forms entering the amount you want to correct as a minus.  I haven’t tried it so I don’t know if the program will accept a negative value. Unfortunately you can’t attach an explanatory statement to your efiled return with TurboTax. 

How to split 1099-B, DIV, OID, INT for income before divorce

Just tried to enter a negative number for 1099 DIV.    TurboTax would not accept it.   Has to be a number greater than zero.  thanks for suggestion though.

How to split 1099-B, DIV, OID, INT for income before divorce

These 2 answers have resolved the issue for me.   Now I just have to wait for the IRS to send me paper copies of 1099-B, DIV, INT, and OID to send to ex-wife - because their pdf version cannot be scanned (but the hand-filled pre-printed one can, go figure)

 

https://ttlc.intuit.com/community/taxes/discussion/if-i-divorced-during-2019-but-have-a-1099-div-for...

 

https://ttlc.intuit.com/community/investments-and-rental-properties/discussion/how-do-i-issue-a-1099...

 

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