bono9763[at]yahoo.com wrote:

- quote -

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. > << ================================================== ===== >

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. > << ================================================== ===== >

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. > << ================================================== ===== >