Joint vs. Separate Capital Gain and Loss Summary

Joint vs. Separate Capital Gains and Losses

The Joint vs. Separate Analysis will separate the net capital gains or losses by taxpayer and spouse, up to the amounts allowed. You may deduct capital losses up to the amount of your capital gains plus $3,000 ($1,500 if married filing separately).

Taxpayers should first enter the data on a joint return. When doing so, there is a check box an the top of Form 1099-B or within the Q&A on joint returns to indicate ownership of the Form 1099-B.

To review and/or modify the Joint vs. Separate Analysis:

  1. From within your TaxAct® return (Online or Desktop), click Review. On smaller devices, click in the upper left-hand corner, then select Review.
  2. Click Reports
  3. Continue to the screen titled Would you like to compare the benefits of filing joint vs. separate?
  4. Click Yes to proceed with the interview questions concerning the set-up of the analysis

There is no report in the program which shows capital gain transactions for each spouse on a joint return. However, TaxAct does provide a Short-Term and a Long-Term Capital Gains Summary Report.

To review and/or print the short- or long-term capital gain summaries:

  1. Click Review and then click Reports. On smaller devices, click in the upper left-hand corner, select Review, then select Reports.
  2. On the screen titled Capital Gain Summary click Short Term Summary or Long Term Summary