Report Joint Account on T5008

[tikiwong]

My wife and I have 50-50 split Joint investment accounts. When reporting on T5008, is one spouse (it is me in my case) required to report details on T5008 with specified 50-50% split and the other spouse (in this case my wife) is not required to duplicate the reporting of T5008 using TurboTax Deluxe onLine?

Thanks

[TurboTaxBrenda]

The person whose name is on the T5008 slip is the one who will claim it and just below when you enter the information you will put 50% to the spouse. 

Thank you for choosing TurboTax.

[tikiwong]

Brenda, thank you for your quick response.

My query is as follows:

I refer to Joint Investment accounts with both my wife and my names on the T5008s. 

When filing under "Couple-Reporting-together", after I entered all the T5008 details specifying "wife-husband" 50-50% split in my filing section, do I still have to duplicate the same set of T5008 information (such as cost (ACB), proceeds, 50-50% split, etc.) in my wife's filing section? It seems to me that when reporting 50% again in my wife's section, my wife and I will both be getting the 100% of all the respective reported amounts.

Your clarification will be much appreciated.

Thanks

[TurboTaxSusan]

You only need to enter the slip on one spouse's return. Once you indicate the split, the appropriate amount will be entered on the other spouse's return.

[tikiwong]

TurboTaxSusan, thank you for your confirmation.