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K.C. | How much interest can I earn per year on a savings account without having to claim it on my tax returns? |
Additional Details
My total income is like 32,000
Also is there a site that I can find this info out for sure
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 |
 
v b
|
Once again, people confuse the form (1099-Int) with the income.
The income is reported by you on your tax return. You report all of it.
Just in case you think you don't have to report it, the bank has to issue you a 1099-INT. To save trees, the report is required only if there is $10 or more in interest paid. It does not mean if you made $9.99 or less that you don't have to report it. |
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Jo
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Something like $10? If I get a statement from the bank, then I claim it. |
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Judy1
|
Zero - you have to claim any amount that you earn. But the bank will only send you a 1099-INT if the interest totals $10 or more - otherwise you'll have to get the amount off your statement. |
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mikeeyman
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$10 is the cutoff... If you earn $10 or more in interest in the year from a single payer, it gets reported to the IRS, and you are required to report it on your 1040. |
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src50
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That depends on your TOTAL income. |
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tietzedet
 |
The best way to answer this question is to go into the IRS website:
Interest income can be reported on Form 1040 (PDF), Form 1040A (PDF), or Form 1040EZ (PDF). If your taxable interest income is more than $1,500, be sure to show that income on Form 1040, Schedule B (PDF) or Form 1040A, Schedule 1 (PDF). You cannot file Form 1040EZ if your interest income is more than $1,500. Refer to Tax Topic 403, Interest Received, for additional information on interest income. |
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dewkisses02
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www.irs.gov
If your income is 32,000, then everything you get in interest on your savings account should be reported.
If your only income was the interest on a savings account, you'd have to have made over $350 in order to have to report it. |
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Joe K
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I believe anything below $500 |
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