Are there any Fed and Sates tax exemption amount for interest earned from saving accounts?
i.e. The bank interest will not be taxed if I earn less than x dollars.
2007-03-30 07:10:00 · 5 answers · asked by sel_bos 3 in Business & Finance ➔ Taxes ➔ United States
if you earn less that $10, it doesn't have to be reported as interest income. Otherwise, it's all reportable. Look for your 1099int or 1099div.
2007-03-30 07:20:42 · answer #1 · answered by Fancy That 6 · 2⤊ 2⤋
convinced you're proper. notwithstanding the wordings interest gained from price reductions economic company account is a touch complicated. Saving economic company account and stuck deposit account are 2 diverse style of debts which earn interest. even if the earnings tax rule contains the interest earned on fixed deposit is likewise protected or no longer isn't sparkling. merely interest earned on economic company deposits wouldnt have any ambiguity. some experts are to make sparkling in this.
2016-12-03 00:57:48 · answer #2 · answered by ? 4 · 0⤊ 0⤋
Quote from IRS Pub 17:
"In general, any interest you receive or that is credited to your account and can be withdrawn is taxable income."
Banks are required to report interest of $10 or more on a 1099INT.
2007-03-30 07:27:29 · answer #3 · answered by ninasgramma 7 · 3⤊ 0⤋
The banks won't send you a 1099 for a small amount though, by the letter of the law, you are still required to report it.
2007-03-30 07:31:34 · answer #4 · answered by Wayne Z 7 · 4⤊ 1⤋
I think it's.. $10/year on the federal return.
2007-03-30 07:13:22 · answer #5 · answered by Anonymous · 2⤊ 1⤋