when do i need to pay income taxes on a bank CD?

Answer 1

If you received the income from the CD in 2006, you need to pay the taxes by Tuesday.

Answer 2

If its term is more than a year, the interest each year is taxable that year. The bank or other institution will send you a 1099-INT each year that there's taxable income, showing the amount of the interest for that year.

Answer 3

Generally interest is taxable in the year received. If your bank issues a 1099-INT, you should treat the interest as received in the year for which the 1099 was issued