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longbob57
New Member

I am married and filing separately for the first time. Can we assign investment income to whoever we want regardless of whose name is on the actual account?

 
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I am married and filing separately for the first time. Can we assign investment income to whoever we want regardless of whose name is on the actual account?

Look at it this way. The broker will send a copy of that 1099-B to the IRS.

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10 Replies

I am married and filing separately for the first time. Can we assign investment income to whoever we want regardless of whose name is on the actual account?

Are you in a Community Property State?
longbob57
New Member

I am married and filing separately for the first time. Can we assign investment income to whoever we want regardless of whose name is on the actual account?

No

I am married and filing separately for the first time. Can we assign investment income to whoever we want regardless of whose name is on the actual account?

Look at it this way. The broker will send a copy of that 1099-B to the IRS.
longbob57
New Member

I am married and filing separately for the first time. Can we assign investment income to whoever we want regardless of whose name is on the actual account?

Good point and sadly that is what I figured! Thanks.

I am married and filing separately for the first time. Can we assign investment income to whoever we want regardless of whose name is on the actual account?

Please consider filing Joint instead.
longbob57
New Member

I am married and filing separately for the first time. Can we assign investment income to whoever we want regardless of whose name is on the actual account?

Actually, since I received a lump sum SSD payment, jointly has more tax liability.....

I am married and filing separately for the first time. Can we assign investment income to whoever we want regardless of whose name is on the actual account?

If the Lump Sum covers years prior to 2018, the program does special calculations

I am married and filing separately for the first time. Can we assign investment income to whoever we want regardless of whose name is on the actual account?

I am married and filing separately for the first time. Can we assign investment income to whoever we want regardless of whose name is on the actual account?

I am married and filing separately for the first time. Can we assign investment income to whoever we want regardless of whose name is on the actual account?


If you were legally married at the end of 2018 your filing choices are married filing jointly or married filing separately.

Married Filing Jointly is usually better, even if one spouse had little or no income. When you file a joint return, you and your spouse will get the married filing jointly standard deduction of $24,000 (+$1300 for each spouse 65 or older)  You are eligible for more credits including education credits, earned income credit, child and dependent care credit, and a larger income limit to receive the child tax credit. 

If you choose to file married filing separately, both spouses have to file the same way—either you both itemize or you both use standard deduction. Your tax rate will be higher than on a joint return. Some of the special rules for filing separately include: you cannot get earned income credit, education credits, adoption credits, or deductions for student loan interest. A higher percent of your Social Security benefits may be taxable. Your limit for SALT (state and local taxes and sales tax) will be only $5000 per spouse. In many cases you will not be able to take the child and dependent care credit. The amount you can contribute to a retirement account will be affected. If you live in a community property state, you will be required to provide additional information regarding your spouse’s income. ( Community property states:  AZ, CA, ID, LA, NV, NM, TX, WA, WI) If  you are using online TurboTax to prepare your returns, you will need to prepare two separate returns and pay twice.

https://ttlc.intuit.com/questions/1894449-married-filing-jointly-vs-married-filing-separately

https://ttlc.intuit.com/questions/1901162-married-filing-separately-in-community-property-states

https://ttlc.intuit.com/questions/1894449-is-it-better-for-a-married-couple-to-file-jointly-or-separ...


**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**
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