Margaret CPA in OH Posted September 23, 2019 Report Share Posted September 23, 2019 Returning client has married and now has brokerage accounts in joint ten. I haven't yet asked whether spouse (already filed, not my client), claimed half the divs, etc. I doubt it. Client's SSN is on the account. Is it okay for her to claim all? The only other clients I've had with joint accounts, I've split the amounts. I strongly suspect that all the money is hers. He is a personal trainer making not much money. She is a pharma sales rep making much more. It may also be advantageous for them to file jointly. Spouse has already filed, though. Is it appropriate to file client MFS then amend if it is, in fact, advantageous for MFJ? I haven't yet seen spouse's return. Client skipped a year with me but feels quite nervous that TT wasn't right. Yep, we may well amend 2017 as she completely omitted dividends and security sales. She also withdrew lots of 529 $ for both sons in college. I'm having her prepare a sheet of expenses but conversation seems to cover all withdrawn amounts as valid expenses. However she claims one son, ex claims the other. 529 accounts are in her SSN but both are named on the accounts. As withdrawals only in excess of valid expenses seem to be reportable, I have suggested that she just have handy the complete list of expenses and receipts if/when a nasty gram arrives. Other suggestions? I have two more footdraggers coming in Oct. 1. I really wish this season was over! I'm ready to send out the year end newsletter, for pete's sake! 2 Quote Link to comment Share on other sites More sharing options...
Lion EA Posted September 23, 2019 Report Share Posted September 23, 2019 If it is more advantageous to file MFJ, amend his return from MFS to MFJ to include her. You do NOT have to file her MFS first and then amend. 2 Quote Link to comment Share on other sites More sharing options...
Max W Posted September 25, 2019 Report Share Posted September 25, 2019 On 9/23/2019 at 6:44 AM, Lion EA said: If it is more advantageous to file MFJ, amend his return from MFS to MFJ to include her. You do NOT have to file her MFS first and then amend. If her return has already been filed, then her return should be amended to include him, if he has not already filed. Quote Link to comment Share on other sites More sharing options...
Margaret CPA in OH Posted September 25, 2019 Author Report Share Posted September 25, 2019 Thanks, I will likely amend HIS filed return to include her unfiled information as Lion mentioned. I just have to get all of his documents now. For the college son and 529 distributions, it is a real challenge getting actual documents for 8867 proving dependency. He has lived in an apartment year round so gets no mail at parent's address. School info does not come to parent, privacy stuff you know. I will have to rely solely on a phrase from the divorce decree that she gets to claim one son for tax purposes, ex claims the other. I HATE 8867! 2 Quote Link to comment Share on other sites More sharing options...
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