My mom is going to be filing my taxes and I don't want her to know that I have almost nothing in my savings. I'm not sure if it will show up or not.
2007-01-30 14:45:42 · 7 answers · asked by halfxwayxtorn 1 in Business & Finance ➔ Taxes ➔ United States
No, what your savings account balance is doesn't go into your taxes. But interest on it does, and if she thinks you have a lot in it, she might wonder why you only had 37 cents interest last year.
2007-01-30 14:50:25 · answer #1 · answered by Judy 7 · 2⤊ 0⤋
Nope, taxes have nothing to do with your savings or checking accounts, the only information that will appear on your taxes, is the money you have made from your employers. The only time that your savings account will be questioned, is if you make more than like 250 in intrest. so you wont have to worry about it.
2007-01-30 14:50:11 · answer #2 · answered by nuttygolfer2005 1 · 1⤊ 0⤋
How will it show up if you dont provide the info voluntarily? Anyway, unless shes stealin your mail and sees the interest incurred on NOTHING, you are good to go. Make sure you have all your bank statements or mom dukes will tear into your AS.S!!!
2007-01-30 16:22:01 · answer #3 · answered by Anonymous · 0⤊ 0⤋
tax returns are based on your income only, not how much you have in the bank - however, you really should talk to your Mom.
2007-01-30 14:50:56 · answer #4 · answered by Dizney 5 · 0⤊ 0⤋
all you need to list is any interest earned on the account
2007-01-30 14:54:03 · answer #5 · answered by charmel5496 6 · 0⤊ 0⤋
Not at all. Interests earned may be taxable.
2007-01-30 14:54:23 · answer #6 · answered by DynamoGirl 2 · 0⤊ 0⤋
No.
But she may figure it out when you don't have much (or any) interest to report this year.
2007-01-30 14:50:23 · answer #7 · answered by Wayne Z 7 · 1⤊ 0⤋