Report Savings on W-2?

Question

Am i required to report how much money i have on(CD's, savings account, including checking account) ?How will it effect my income? How will savings effect my unemployment status? Can i be considered low income even though i have savings?

Answer 1

You don't have to report to the IRS how much you have, just how much income (interest, dividends) you had from it. And having savings shouldn't affect your eligibility for unemployment comp. If you are looking for other kinds of payments like welfare, then yes, they'd look at what you have.