I worked as a babysitter and did other small jobs and put the money I earned in a savings account. Will I have to pay taxes or something because of this money in the bank? I mean I do not have a permanent job or anything and the money is not a large amount. Also can this affect my financial aid because FAFSA asks if the student has money in the bank. Thank You.
2007-10-08 05:24:28 · 4 answers · asked by kokis0394 2 in Business & Finance ➔ Personal Finance
Do not worry till the interest per year exceed Rs. 12000/- exempt from income tax up to a limit of Rs.12, 000/- under Section 80L. ...
2007-10-08 05:40:59 · answer #1 · answered by Pranil 7 · 0⤊ 1⤋
It won't mess with you FASFA only because it is not an income. It is your savings. No taxes won't be taken out. The only way money will be taken out is if your bank charges you a small fee for having a savings account. So, I think you are safe.
2007-10-08 12:33:36 · answer #2 · answered by in LOVE with... 2 · 0⤊ 2⤋
you only have to pay taxes if you make the amount you have to claim i think in michgian it's like 650.00.. check your local gov site or office to see what your's is! but if your under 18 i woulnd't worry about it unless your making some Mooonnneeeyyy
2007-10-08 12:34:09 · answer #3 · answered by Anonymous · 0⤊ 0⤋
not really if you are under the limit no tax will be filed.
under 7500 I think
2007-10-08 12:31:52 · answer #4 · answered by Michael M 7 · 0⤊ 0⤋