Corpus Christi Texas Form Instructions 8379 2024-2025

Corpus Christi Texas Form Instructions 8379: What You Should Know

The allocation is only for the income period where the joint return is filed for. For example, if the return is filed for the year prior to the year of the injured spouse's death, the injured spouse does not receive any distribution from the joint account if more than one-half of the jointly owned residence was injured in the accident. However, if the joint return is filed for a later year when the injured spouse died, the injured spouse (and, if applicable, dependents) may receive from the joint account up to 3/4 of the joint return if the entire residence was injured in the accident. When you calculate your allocation, you must include in your calculation of total property and income the difference between the amount on line 1 and the amount on line 2. This can be accomplished by entering a negative figure on line 2 as follows: 150,000 minus 100,000 equals line 1. You must allocate the injured spouse's share of your joint return to you, and you may do so by completing Line 3 in the allocation instructions. The injured spouse must sign and date the form when you file it. If you decide not to file it, you may do so the following year. Please see “Injured Spouse Allocation” below for details. Where does the allocation amount for an injured spouse go? The allocation is based on the following formula: 150,000 less 100,000 equals line 1. What is the percentage split of the joint property? When you file a joint return, the injured spouse automatically receives the total property and income attributable to her share of the joint assets as reported on line 1 of the return. So, if you had 20% of the joint property in an accident, your share would be the first 20 percent of the total property and income. The injured spouse (your joint tenant and co-signor) does not receive that amount, so she can claim the allocation on line 8379 on her return. After the allocation is calculated for the injured spouse, you can claim the allocation on her return as an adjustment to her income. What happens if I have an injury or have property injured? If an injured spouse claims the allocation on her tax return, the allocation is refundable. The injured spouse must report the recovery on Schedule A. If you file one of the joint returns, you can allocate the allocation to you directly, or you may want to distribute it as a joint refund to the injured spouse.

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