2007-10-11 05:42:41 · 6 answers · asked by L D 1 in Business & Finance ➔ Taxes ➔ United States
You shouldn't pay any taxes if it is simply a deposit. If it is money from the sale of something, or a withdrawl from a retirement fund, or some other thing that could be considered income then perhaps. But the bank wouldn't take it out. You would be responsible to make sure it got paid.
2007-10-11 05:46:46 · answer #1 · answered by Anonymous · 3⤊ 0⤋
None for depositing the money.
Interest earned on the account would be taxable if it were a regular, passbook savings account. Some types of interest earning savings accounts allow the depositor to defer the taxes until later, such as some retirement accounts like an IRA.
2007-10-11 12:53:00 · answer #2 · answered by Vince M 7 · 1⤊ 0⤋
depends on where the money came from. If it's a paycheck, taxes already deducted - If it's from proceeds of stock or something like that, you should put some aside for taxes - but nothing would be automatically deducted unless it was a distribution from an IRA or 401k plan
2007-10-11 13:13:16 · answer #3 · answered by Anonymous · 1⤊ 0⤋
The act of depositing money in a bank is not a taxable event.
2007-10-11 12:49:05 · answer #4 · answered by jackbutler5555 5 · 2⤊ 0⤋
None for a deposit. But if it's money you earned by working for it, or won, you will owe tax on it. If it was a gift to you or an inheritance, you won't.
2007-10-11 13:34:14 · answer #5 · answered by Judy 7 · 1⤊ 0⤋
None. (Not as a result of merely depositing the money.)
2007-10-11 12:46:42 · answer #6 · answered by Anonymous · 2⤊ 0⤋