We filed joint on federal taxes and now my wife is doing her state taxes. We have a joint savings account that earned some interest last year and we are not sure how much of that interest is taxable if any? Any tax gurus know the answer to this?
Thanks
bagucks
2007-02-05 10:03:41 · 4 answers · asked by bagucks 1 in Business & Finance ➔ Taxes ➔ United States
What I meant by the question is that I'm military and my home of record is Alaska (tax free) however we live and my wife works in Virginia. So what I'm asking is how much of the interest in our joint accounts should she be taxed on? 100% 50% 0% ?
2007-02-05 11:11:22 · update #1
I'm assuming that you and your wife live apart, if she has to file a state return and you don't. Or that you live in a state with no state income taxes, but she works in a state that does have them.
Whose social security number is on the 1099INT? If it's yours, you could probably justify it if she doesn't claim it. At most, unless it's her ssn on the 1099INT, she would claim half.
2007-02-05 10:16:44 · answer #1 · answered by Judy 7 · 0⤊ 0⤋
It's all taxable by the Federal government. It may or may not be taxed by the state. But if you live in a "tax-free state" why are you filing a state tax return??
2007-02-05 10:09:50 · answer #2 · answered by Bostonian In MO 7 · 0⤊ 0⤋
Now I am not sure If I understand what you mean if you live in a tax free state then there should no state tax filed that simply means that you didnot pay state, or is it that you live in the tax free state and your wife live in state that pay tax, Parts of your question is not clear,
2007-02-05 10:14:16 · answer #3 · answered by maria fkun 4 · 1⤊ 0⤋
a tax free state, in the U>S>A>??? where the heck are you at??? is it earth??? every state has taxes on something or another...
what kind of taxes are you talking about?
2007-02-05 10:10:55 · answer #4 · answered by kim t 4 · 0⤊ 3⤋