My wife and I are filing a joint Missouri income tax return. We have several interest and dividend bearing accounts that are held jointly by both of us. Do we have to split the income from those 50/50 when reporting our income (since Missouri wants income split out for each spouse), or if the account is jointly held can one or the other spouse choose to claim is all as their income and the other spouse claim $0 for that account?
Missouri requires that you allocate to each spouse the percentage of ownership in jointly held property. So if you you have joint accounts, you will have to allocate the interest and dividends 50- 50.
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