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  • Community Property Form 555 Fillable 2011

Get Community Property Form 555 Fillable 2011

. . 1 Introduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 Domicile . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 Community or Separate Property and Income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 Identifying Income, Deductions, and Credits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 Income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 Exemptions . . . . . . . . . . . . . . .

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Related content

Form 8958 - Internal Revenue Service
This form is intended for individuals who: 1. Are subject to community property laws, and...
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2011 Publication 17
are filing a joint return for 2011 with tension of time ... receive in the form of money...
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2016 Instruction 1040 US Tax Form Instructions...
Foreign-Source Income; Chapter 11 Bankruptcy Cases; Community Property States; Rounding...
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Entering income adjustments for a community property state Sign in to TurboTax and open or continue your return. Search for community property and select the Jump to link. On the Community Property Income screen, select Yes and follow the instructions to enter any income adjustments.

When you live in a community property state and file separate returns, you each must report 50 percent of your spouse's income and half of income generated by community assets, plus all of your separate income. The IRS has an allocation worksheet to simplify your calculations in Publication 555 Community Property.

Form 8958 Allocation of Tax Amounts Between Certain Individuals in Community Property States allocates income between spouses/partners when filing a separate return. This allocation worksheet does not need to be completed if you are only filing the state returns separately and filing a joint federal return.

Entering income adjustments for a community property state Sign in to TurboTax and open or continue your return. Search for community property and select the Jump to link. On the Community Property Income screen, select Yes and follow the instructions to enter any income adjustments.

Combine your total separate income and one-half of your total community income to calculate your gross income for the year. Record this total on the top of Internal Revenue Service Form 1040 to start your tax return. This finishes the income adjustment for community property. Complete your tax return as normal.

What is Form 8958: Allocation of Tax Amounts Between Certain Individuals in Community Property State. Several states have "community property" laws, which say that most income earned and most assets acquired during a marriage are the equal property of both spouses, regardless of whose name is on the check or the title.

If you took out a mortgage to buy a house while married, that debt is community property. You're both responsible for it. If you bought a car with money that only you earned while married, the car is community property even though the money used to pay for it was earned by you and not your spouse.

The Internal Revenue Service (IRS) created Form 8958 to allow couples in community property states to correctly allocate income to each spouse that may not match what is reported to the IRS.

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© Copyright 1997-2025
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Form Packages
Adoption
Bankruptcy
Contractors
Divorce
Home Sales
Employment
Identity Theft
Incorporation
Landlord Tenant
Living Trust
Name Change
Personal Planning
Small Business
Wills & Estates
Packages A-Z
Form Categories
Affidavits
Bankruptcy
Bill of Sale
Corporate - LLC
Divorce
Employment
Identity Theft
Internet Technology
Landlord Tenant
Living Wills
Name Change
Power of Attorney
Real Estate
Small Estates
Wills
All Forms
Forms A-Z
Form Library
Customer Service
Terms of Service
DMCA Policy
About Us
Blog
Affiliates
Contact Us
Privacy Notice
Delete My Account
Site Map
All Forms
Search all Forms
Industries
Forms in Spanish
Localized Forms
Legal Guides
Real Estate Handbook
All Guides
Prepared for You
Notarize
Incorporation services
Our Customers
For Consumers
For Small Business
For Attorneys
Our Sites
US Legal Forms
USLegal
FormsPass
pdfFiller
signNow
airSlate workflows
DocHub
Instapage
Social Media
Call us now toll free:
1-877-389-0141
As seen in:
  • USA Today logo picture
  • CBC News logo picture
  • LA Times logo picture
  • The Washington Post logo picture
  • AP logo picture
  • Forbes logo picture
© Copyright 1997-2025
airSlate Legal Forms, Inc.
3720 Flowood Dr, Flowood, Mississippi 39232