3/5     My dad is retired and has no income. My income tax bracket is
        pretty high. If I open up a joint high interest CD account with
        him and the INT-1099 comes, is it possible to file it under him
        100% to take advantage of the lower tax?
        \_ IRS says the interest is allocated according to who allocated
           the assets. Do you think it will generate enough interest to
           really matter that much? Even with $100K in there I doubt it given
           current rates.
           \_ do a little bit of math. It's not insignificant.
        \_ Are you married?  If not, maybe you can file as a head of
           household.  It's fair and square and the benefit is not
           insignificant.  For parent(s), you don't even have to live
           together, although they bother you about it.
        \_ You can just gift him the cash, if you can trust him.
           \_ Thanks, Andy Dufresne.
           \_ Depends on the amount. You can only gift $12K/year. If you are
              married you can gift $24K/year (you and your spouse).
              \_ Not true, you can gift as much as $1M without paying
                 taxes, but you have to file with the IRS if you gift
                 over $13k a year. I am pretty sure it will then count
                 against your inheritence deductible when you die but
                 am a bit fuzzy on that part.
                 \_ "Paying the taxes" is not the same as "owing the taxes."
                    \_ What does this mean? You can give someone up to $1M
                       without either owing or paying taxes.