I've used TT CD for years to complete MFJ returns. This year, for reasons I won't get into, we are each filing MFS. We live in a Community Property State that will require us each to split our W-2 income and Fed Withholdings.
I am unsure of the general steps to take in the app to end up with my own MFS return.
So far I have:
* Imported last years info to the 2023 return and left the filing status at MFJ.
* Entered all details into the return, including my W-2, his W-2, his Social Security, each of our 1099's etc. Where possible I noted whether the item was for Taxpayer (me) or Spouse.
* Generated the What-If worksheet and figured out what needs to go to which person and what needs to be split between us.
* Completed Form 8958 (Allocation of Tax Amounts Between Certain Individuals in Community Property States)
Per a call with tech support, I saved the return and then changed the Filing Status to MFS. At some point the app provided me with a list of 11 errors (where I had none before when it was MFJ). The errors were all related to his Social Security, his Interest, etc. so I deleted those forms in the return and the errors disappeared! Great!
However, it does not seem like the adjustments I noted on the 8958 are reflected on my MFS 1040. Am I to understand that I file my 1040 as is and that the IRS then reviews our two returns and ultimately adjusts each of our Tax Due/Refunded figures?
Or did I do some steps wrong or out of order within the application?
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No. Start over. You should make a new return for each person and not transfer from the Joint return. But I don't know how to split the items for community property. Someone else will have to reply for that part.
Here's an article on Community Property
Ok, so I start a new return for myself with a filing status of MFS and include my spouse's name and SSN. In the return, I enter all details as stated on my W-2, my 1099's, etc.
Then I complete the 8958 for the Community Property allocation and file the return with the 8958.
Let's say my tax return says I have a refund of $1,000. But I know that after the allocation of income/taxes withheld is completed by the IRS, I will likely owe $2,500.
Do I file and wait for the IRS to come back and tell me what the final figure is (refund or owe)?
I'm not sure why the IRS would adjust your return. You should have allocated the tax withholdings similar to how you allocated the income, so what you entered on your tax return should be accepted as such by the IRS. But in answer to your question, if you think you will owe taxes when the return is processed, you can pay in additional taxes with the return or online to reduce a potential penalty you may receive for late payment of taxes.
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