After completing my Pennsylvania state income tax, I discovered that assets jointly held have been treated as held separately by my spouse and me. This happened on PA Schedule A Interest Income, Schedule B Dividend Income, and Schedule D Sale Exchange Disposition of Property. I've gone back and double-checked that I marked "jointly" for everything. Help?
Can you clarify if you filed or will file jointly? If you filed a joint return it won't make any difference.
I have the same issue. Everything is jointly held, but Schedule B divided every thing in half as if 50% spouse and 50% me and Schedule D divided the totals arbitrarily with 75% (or so) to me and balance to spouse.
At the end of the day, the tax owed is the same, but I'm disappointed that the details are not being treated as joint -- as they should be. They are correct as imported in the Federal Return but have a mind of their own on the Pa Schedules. Is TurboTax planning on acknowledging or fixing this bug or at least explaining why this is happening? Or letting us edit our forms to make them accurate?
I have the same issue.
I was reading through my PA tax forms and comparing to the instructions as I always do once I complete my taxes using Turbo Tax and noticed the instructions from the state state to select the "Joint" oval on form PA Schedule D, however, even though we are filing jointly with Turbo tax and I selected the stock sales are owned by both of us. The "Joint" oval is not selected an instead the individual "Taxpayer" and "Spouse" ovals are selected individually on two separate forms with all prices cut in half.
I feel this is a bug in the Turbo Tax software that should be corrected to comply with the PA tax instructions.
Pennsylvania is known as an equitable distribution state thus everything is reported in separate schedules between marriage partners. Your PA return will be a joint return but because PA is an equitable distribution state, all taxable income, deductions and credits are reported separately in accordance with the state's statutes.
Please read this State of PA link under the section of Married, Filing Joint Return - Filing Status "J" for more details.
If schedules cannot be filed jointly then why does the form have a "Joint" checkbox as well as "Taxpayer" and "Spouse?"