I don't have any other income besides my interest revenue, and the amount is not that much actually. My only income other than this is from my parents overseas. So basically, I earn nothing except interest revenue. Do I need to report this to IRS?
2007-01-17 14:05:45 · 16 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United States
You will receive 1099 forms from everyone that paid you interest. These totals must be reported even if you owe no tax.
2007-01-17 14:11:48 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Yes. Any income that you earn, even if it is interest revenue must be reported to the IRS no matter how much it is.
2007-01-17 14:20:03 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Yep.
And the banks that pay you that interest will help you do that -- they'll file 1099 forms showing how much interest they paid you, sending a copy to you and one to the IRS. If you then leave your interest income OFF your return, the IRS will know and you'll be busted :)
2007-01-17 14:09:42 · answer #3 · answered by Anonymous · 1⤊ 0⤋
Geez, what a bunch of wrong answers and only a couple correct ones.
It depends on what your total income is. Money given to you as a gift from your parents doesn't count. If your interest is under $8450, then no, you don't have to file a tax return and report it.
This assumes that your parents aren't expatriate US citizens who are filing a US tax return and claiming you as a dependent. If they are, then the limit is much lower, $850 I believe.
2007-01-17 18:15:30 · answer #4 · answered by Judy 7 · 0⤊ 0⤋
Yes I believe you do because it will be reported to them by the bank or company who pays it to you. If it is not that much you will not need to pay any taxes. Call the IRS open line and ask them. Good luck.
2007-01-17 14:09:50 · answer #5 · answered by kimballama 3 · 1⤊ 0⤋
No - the IRS helps the federal government to place the burden of identifying to purchase one hundred % of our earnings tax sales on a million/2 or fifty 3 % of our inhabitants which.......merely occurs to be the frustrating working self-adequate salary/earnings earner. Conversely the IRS code helps the different a million/2 or 40 seven % of our inhabitants to flee with paying 0 % of the earnings tax sales that are gathered and.......the familiar public of this team merely occurs to be lazy & shiftless welfare rats who sponge off the ' gubmint ' from the womb to the tomb As such the Liberals will possibly under no circumstances help deleting the IRS needless to say the Liberals have self assurance that the welfare rats pay their " honest share " of earnings taxes by utilising paying genuinely no earnings tax by any capacity on any of their unearned earnings or earned earnings Now if we could basically tax them om their unlawful earnings ? ' Leroy.......I see by utilising courtroom archives which you have been convicted on merchandising $ one hundred,000 of unlawful narcotics 2 years in the past for which you have been incarcerated for 12 months....I additionally see which you under no circumstances reported any of this earnings to the IRS subsequently we are assessing you overdue earnings taxes of $ 22,000 including interest & outcomes '
2016-12-16 07:17:21 · answer #6 · answered by Anonymous · 0⤊ 0⤋
It depends on how much interest you made. If the amount of interest is insignifcant, you do not have to declare it. That interest amount is set at a pretty low level though, under $100. If I were you, check the irs.gov website.
2007-01-17 14:12:06 · answer #7 · answered by rudy4prez 2 · 0⤊ 0⤋
Yes you have to report it.
Interest paid to you on CD's, money market accounts, certain bonds, and other financial instruments, is taxable, and it must be reported to the IRS.
2007-01-17 14:07:51 · answer #8 · answered by TexasChick 4 · 2⤊ 0⤋
yes
whoever is paying you the interest will report it to the IRS along with your social security number, so they will know.
2007-01-17 14:10:15 · answer #9 · answered by brainiac 4 · 1⤊ 0⤋
Depends on if your bank issues you a 1099
2007-01-17 14:09:09 · answer #10 · answered by Lost as Atlantis 2 · 0⤊ 0⤋