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My wife and I file separately for student loan repayment reasons. We live in NJ, so not a community property state. Can one of us report 100% of the 1099-INT and 1099-DIV, and the other one not report it at all? Or do we have to report on both and split it 50/50? We would prefer to keep her AGI as low as possible, even if it is less optimal from a tax filing strategy.
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It depends on who's Social Security number and names appear on the form. The IRS compares the information on the tax forms submitted to them with tax returns filed with the same Social Security Numbers.
It is best to match the information on the tax form with the name and Social Security number of the person filing the return.
@DianeC958 - can you please evidence your advice by providing the IRS publication that supports your advice?
are you suggesting that you can manipulate your income by asking the bank / brokerage to change which ss# they use for your convenience?
While there is only 1 SS# on the form, doesn't the OWNERSHIP determine who reports the income? is the account joint or individually owned? if joint, why wouldn't each report half?
The account is joint tenet with both spouses listed. Do both have to report as 50/50? Or can one spouse report 100%?
50/50 - you each own half the assets so each report half the income (assuming married - separate return)
but the bigger question is there a good reason to file separate - 96% of married couples file joint as it's normally more tax advantageous that way.
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