I HAVE A JOINT PARTNER TRUST. I SPLIT THE INCOME & EXPENSES ETC WITH MY WIFE. HOW IS THIS HANDLED

[838gellos]

Can I enter a percentage split in the " T"receipt forms?

[TurboTaxLise · Accepted solution]

T3,T5  - shared % with spouse - Found under the Income Tab - Tslips. At the bottom of each of these slips; it states - Enter percentage of slip to claim on your spouse's tax return (if applicable)

Each spouse must separately report the appropriate percentage on their own return.

Example: If you and your spouse purchased and sold 100 shares of stock and you paid 1/4 of the total purchase amount, you would enter information for 25 of the shares and 25% of the expenses on your return. Your spouse would enter the rest on his or her return.

If you’re preparing your return together with your spouse/partner's return, the amounts from the joint investment slip you entered on your return will not appear on their T3/T5 slip entry screen. Do not re-enter it. TurboTax includes it on their Schedule 4 (Statement of Investment Income).