Hi, wife and I decided to switch from Married Filing Jointly (“MFJ”) to Married Filing Separately (“MFS”) for Tax Year 2024. Our 2023 MFJ return showed a Loss Carry Over balance of $30k from our jointly owned investment account (registered in both names). How do we split/allocate this $30k evenly to our new MFS returns? My MFS return is a rollover/transfer from 2023’s MFJ file. Wife’s MFS return is a newly created return. Kindly advise how I can manually reduce $15k of Loss Carry Over on my return and input the same $15k to my wife’s return. TIA
After reading prior community posts, I searched Capital Loss Carryover on TurboTax Assistant. Clicked on prompt “Add/edit capital loss carryover info” and hype-linked to an Investment screen “Info from your 2023 tax return” with 8 amounts (Net short-term capital gain/loss, Net long-term capital gain/loss, Allowable loss, Income before exemptions, Net AMT short-term capital gain/loss, Net AMT long-term capital gain/loss, AMT allowable loss, AMT taxable income).
To do a manual transfer - is it just a simple edit (divide by 2) of the above 8 amounts on my 2024 return and then input the balancing differences to my wife’s 2024 return?
Also am I approaching this MFJ to MFS switch correctly on TurboTax?
Thanks again for your time and assistance. Much appreciated!
