I filed tax with my husband last year. And by then, I didn't have my own saving account. And now I am confused. I am not sure if I need to reveal the information of my saving account to our accountant this year.
2006-08-30 13:13:48 · 5 answers · asked by mm 2 in Business & Finance ➔ Taxes ➔ United States
You'll need to show the interest, and if your total interest is over $1500 (yours, plus your husband's, plus any joint accounts) you'll need to show where each amount was from.
It is taxes at ordinary income rates, whatever your marginal rate is, not at capital gains rates.
The bank, S&L or credit union will report the interest to the IRS if it's over $10, and you'll get a 1099-INT form for the amount.
2006-08-30 14:16:13 · answer #1 · answered by Judy 7 · 0⤊ 0⤋
Only need to show the 1099 INT, interest rec'd on the account. The only reason they would need the routing # or account # is if you want your refund deposited there. (it would at the bottom of your 1040 so the IRS knows where to send it.)
2006-09-01 11:33:33 · answer #2 · answered by Anonymous · 0⤊ 0⤋
You just need to reaveal the amount of interest your savings account earned. This is considered earned income.
2006-08-30 20:52:58 · answer #3 · answered by what the heck? 3 · 0⤊ 0⤋
only the interest and it will be taxed at a capital gains rate which is next to nothing unless you accrued alot of interest . you do not need to give out the number or the bankm where the account is .
2006-08-30 20:18:14 · answer #4 · answered by Anonymous · 0⤊ 1⤋
Just the interest earned on it.
2006-08-30 20:15:57 · answer #5 · answered by Grandma of six 5 · 0⤊ 0⤋