This is the actual question (more information below):
Concerning the 1099-INT, seeing the form has both our names on the Recipients box, but only my SSN in 'Recipients TIN'... is it correct to simply enter the full amount of interest income in Box 1 on my MFS taxes and not input any portion of the 1099-INT on my spouse's tax forms? Or do we have to input nominee entries?
I asked this question a few days ago but got conflicting responses (with one response being demeaning despite me clearly stating, "We understand the tax implications of being married, filing separately, and not itemizing," and that I want to file MFS due to high student loans.
Original question:
https://ttlc.intuit.com/community/taxes/discussion/married-filing-separately-how-to-split-dollar-amo...
Simply asked (this time with more info)..
We are filing Married Filing Separately and both taking the standard deduction due to a high student loan balance (a very common practice). We are married, live together, jointly own our home, have joint bank accounts, and I have no income. There is no student loan interest to report because the loans are in forbearance.
We have the following items, all issued in both our names and paid jointly from shared accounts:
A NY State inflation refund (1099-G) for $300
Mortgage forms: 1099-INT ($90 of interest) and 1098 ($10,000 of mortgage interest)
A school and property tax bill
A NYS STAR credit for $200 (not a community state)
Regarding the 1099-INT and 1098:
One response from my original question said:
"So if you both contribute to a joint account and the mortgage is paid out of the account, then you would split it 50/50, same with the 1099-INT. "
And someone else's response was simply demeaning and cookie-cutter responded with information I clearly stated I already knew.
This 2024 TurboTax response says something completely opposite:
"If you are in a community property state, split the 1099-INT in half. Otherwise, you can enter all or part in either return but beware which social is listed as you may need to make nominee entries. To make life simple, I would put it on the return that has the matching social."
https://ttlc.intuit.com/community/taxes/discussion/how-to-enter-1099-int-and-1098-when-filing-mfs/00...
So concerning the 1099-INT, seeing the form has both our names on the Recipients box, but only my SSN in 'Recipients TIN'... is it correct to simply enter the full amount of interest income in Box 1 on my MFS taxes and not input the 1099-INT at all on my spouse's tax forms? Or do we have to input nominee entries?
Thanks
