Accountant Forums


Reply
Thread Tools

Allocating interest income when married, filing separately

 
 
dogh0use@fastemail.us
Guest
Posts: n/a
Thanked:
 
      04-04-2006, 08:00 AM
What, if any, are the alternatives for allocating interest
income on a joint bank account when married and filing
separately? Does the interest have to go on the return of
the first person named on the account (and who receives the
1099-INT) or can it be allocated 50/50?

<< ================================================== ===== >>
<< The foregoing is intended for educational purposes only >>
<< and does NOT constitute legal OR professional advice. >>
<< >>
<< The Charter and the Guidelines for submitting >>
<< messages to this newsgroup are at www.asktax.org. >>
<< Copyright (2006) - All rights reserved. >>
<< ================================================== ===== >>
 
Reply With Quote
 
 
 
 
bono9763@yahoo.com
Guest
Posts: n/a
Thanked:
 
      04-05-2006, 08:12 AM
You can allocate it 50/50. To do this, list it as income on
the return of the one who gets the 1099INT, then on a
separate line, state Nominee interest, the name/SSN of the
person to whom the rest of the interest belongs, and enter a
negative number to subtract out his/her share. Most tax prep
software will allow you to designate some or all of the
interest as nominee interest, and will do this
automatically.

Dennis

<< ================================================== ===== >>
<< The foregoing is intended for educational purposes only >>
<< and does NOT constitute legal OR professional advice. >>
<< >>
<< The Charter and the Guidelines for submitting >>
<< messages to this newsgroup are at www.asktax.org. >>
<< Copyright (2006) - All rights reserved. >>
<< ================================================== ===== >>
 
Reply With Quote
 
 
 
 
D. Stussy
Guest
Posts: n/a
Thanked:
 
      04-10-2006, 05:37 AM
(E-Mail Removed) wrote:

> You can allocate it 50/50. To do this, list it as income on
> the return of the one who gets the 1099INT, then on a
> separate line, state Nominee interest, the name/SSN of the
> person to whom the rest of the interest belongs, and enter a
> negative number to subtract out his/her share. Most tax prep
> software will allow you to designate some or all of the
> interest as nominee interest, and will do this
> automatically.


Note: You may be REQUIRED to allocate it 50/50 if you live
in a community property state. Also, although it may not
hurt, nominee reporting between spouses for MFS purposes is
not required.

<< ================================================== ===== >>
<< The foregoing is intended for educational purposes only >>
<< and does NOT constitute legal OR professional advice. >>
<< >>
<< The Charter and the Guidelines for submitting >>
<< messages to this newsgroup are at www.asktax.org. >>
<< Copyright (2006) - All rights reserved. >>
<< ================================================== ===== >>
 
Reply With Quote
 
 
 
Reply

Thread Tools

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are On
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
I'm facing some problems when i'm tring to use microsoft office 2009 professional fo goblin.yankee@gmail.com Microsoft Accounting 3 09-11-2013 09:48 PM
filing status guestion: married filing jointly vs married filing separately david Tax 0 07-22-2010 06:40 PM
Electronic filing possible for married filing separately in community property state? Etienne Tax 2 04-03-2007 11:03 PM
can one file married filing separately after married filing jointly rvsw Tax 16 12-05-2004 04:06 AM
Filing Jointly, Or As Married Filing Separately: What Conditions Might Control Best Choice ? Robert11 US Taxes 4 03-03-2004 02:53 AM


All times are GMT. The time now is 08:14 AM.
Posts in this forum do not constitute the advice of AccountantForums.com or its members. Financial advice should always be taken from qualified advisors before committing to a financial decision.