Filing separately on joint 1099INT and 1099DIV. Do I just divide the interest income evenly for the 1099INT and divide the ordinary dividends for the 1099DIV? What about the capital gains?

Forum|Forum|6 years ago
March 11, 2020
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Best answer by ReginaM

Ok, so how do I enter this in Turbo Tax? Do I adjust the dividends and interest to show I'm paying 50% as a nominee?

You will divide your 1099-DIV based on the rules for your residential state(s), as the type of state you live in governs how you divide your dividends on your return. If you live in a community property state you must split your dividend earnings, the IRS states that you must follow suit for your federal return. Community Property states are:states include:

Arizona,
California,
Idaho,
Louisiana,
Nevada,
New Mexico,
Texas,
Washington, and
Wisconsin.

If you live in any other state, you can chose who gets to claim your 1099-DIV, using whatever % that you and your spouse chose.

In TurboTax, do not select that you received this income as nominee, rather select other reasons.

For more information, See IRS Publication 504

KatrinaB48

What state are you filing in?

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edrayjrAuthor

Georgia

KatrinaB48

You should each enter your income forms on your federal return and the information will flow through to the state return. Georgia is not a community property state so you do not need to divide the income between you. The state software will calculate the tax for each of you.

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