Since I'm divorced, how do I split all interest and dividend income on my tax return?

by Mark B. Zinman, CPA | Feb 21, 2018
askacpaicon

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.

For more resources, check out PICPA’s Money & Life Tips, Ask a CPA, or CPA Locator.

Answered by: Mark B. Zinman, CPA, is a managing partner with Zinman & Company in Southampton, Pa.

Disclaimer
The responses are based on the limited information provided by the questioner and apply the laws and regulations at the time of posting. Other options could arise as rules and regulations may change over time, including but not limited to the passage of the Tax Cuts and Jobs Act of 2017. They are intended to provide general information, not specific accounting or tax advice; they are not intended or written to be used and cannot be used for the purpose of avoiding or evading taxes or penalties under the IRS code or regulations. Views expressed do not imply an opinion of the PICPA, its officers, directors, employees, or members.
Financial FAQs

Search the most frequently asked finance and accounting questions and read the responses from PICPA members. Always consult a CPA before taking action.

Search