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Author: TMFTaxes Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 121061  
Subject: Re: Married filing separately Date: 4/21/1998 8:55 PM
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[[My wife and I are filing separately and some of our accounts are held jointly. How do we declare
the dividends and interest separately? Do we split the amount in half?]]

Generally speaking, yes. You would each report half of the earnings of the account if they are held jointly.

But the married/separate filing is one of the most MISunderstood filings, and virtually all of the married/separate filings done by the taxpayer themselves are incorrect.

The rules are different for people living in a community property state vs. a separate property state. You might want to check out IRS Publications 504 and 555 at the IRS web site for some additional information, ESPECIALLY if you live in a community property state.

TMF Taxes
Roy

SPECIAL NOTE: Remember that this response is not the "last word" on your situation. It is really only a starting point. Make sure to review the "Read This First" post
(http://www.fool.com/School/Taxes/TaxesDisclaimer.htm) for additional information. In addition, many of your questions may already be referenced in the Taxes Frequently Asked Questions area. In order to visit the Taxes FAQ area, go to the Fool's School area (http://www.fool.com/school.htm) and check out "Other Features" in the list box, OR you can jump directly to the Taxes FAQ area (http://www.fool.com/school/taxes/taxes.htm). Additionally, if any references were made to the IRS Web Site, you can get there by pointing your web browser to (http://www.irs.ustreas.gov).
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