I got divorced at the end of last year. The decree states that we split all interest and dividend income on the 2017 return. Do I just enter one half of what is on the 1099-INT/DIV into my taxes, or do I enter the full amount and subtract out half later somehow?
Usually on a 1099-INT/DIV, while it has both names, it only reports under one Social Security number. If it is your Social Security number on the 1099, then I would enter the full amount and then subtract one half on the next line indicating that it was paid to your former spouse and the Social Security number. If your Social Security number was not the one used on the 1099, then I would just report your half of the reportable income.
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Answered by: Mark B. Zinman, CPA, is a managing partner with Zinman & Company in Southampton, Pa.