GA retirement exclusion needs to allocate income between taxpayer & spouse. Taxable joint accounts report my SSN. Is 100% me for exclusion or 50-50 because joint account?

Forum|Forum|6 years ago
June 6, 2019
2 replies
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In the Georgia retirement exclusion exclusion section it says, we need to allocate some income between taxpayer and spouse. We have a taxable joint account. The brokerages say that they report capital gains and dividends on my SSN. Is the account considered mine for the Georgia exclusion purposes is it split 50-50 because it's a joint account?

TurboTax Deluxe Windows

DoninGA

Employee

Split it 50-50 for the Georgia exclusion since it is a joint account.

Gumlogtax

I can't see how to to this in TurboTax. I did declare that income "belongs to both of us" on all of the 1099s in Turbotax. Any tips or ideas?

DaveF1006

If this was reported on a 1099R, you can split the 1099R into 2 1099 R's. One you can issue in your name and Social Security Number and the other in your wife's name and Social Security Number. If the IRS asks why this was done, you could say that Georgia says you must split the Georgia retirement exclusion 50/50. This is the only way you can report the 50/50 split.

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