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Additional D... |
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penguinprez | Is it true that the interest you earn on your savings account has to be paid back on your taxes? |
I want to know because i am thinking of closing my current bank savings account to open up an internet savings account
Additional Details
Is it worth switching my savings account to an online one? |
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lunatic
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Any interest earned is considered income and is therefore taxable. |
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Judy1
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No, you don't pay back the whold amount as taxes. But if you have enough total income to pay taxes, you do pay tax on the interest - percent would be 10% to 35% depending on your bracket. |
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Nick C
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any income no matter where it is made, has to be added to your total income for income taces, this includes interest earned on bank accounts, internet or non. you don't actually just have to pay the interest back, just include it in your total income. |
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bostonianinmo
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No, that is NOT true! The interest is taxable income to be sure, but you do NOT pay it all back in the form of taxes! It doesn't matter if it's an account at a local bank or an Internet based one, the interest is fully taxable as ordinary income. |
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Billie
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Your interest income is part of your taxable income. |
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QuarterRoy
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Yes, and it will be on an internet savings account as well if it is legitimate. |
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lintobean
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It probably is worth it to switch to an online savings account (FDIC-insured, of course).
HSBC and ING Direct offer 5.05% and 4.50% APY, respectively. |
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Freethinker
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Yes, you have to pay taxes on money you earn as interest. |
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person
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Interest earned is considered part of gross income and, to that extent, it is taxable. |
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Ronin
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You have to pay taxes on interest you earn on a savings account whether it be at a brick and mortar or an online bank.
You'll probably earn more interest online. |
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Swamy
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Check with a tax consultant or IRS before doing it. |
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Scotty Doesnt Know
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The interest that you earn on a savings account, whether at a brick and mortar bank, or on an internet savings account, must be reported as income.
That does NOT mean you'll have to pay taxes on it. Your tax liability is dependent on many different factors.
In all likelihood, interest income won't change the amount of tax you owe.
In any event, changing from a brick-and-mortar bank to an Internet bank will definitely not change your tax situation. |
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saurus3118
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Interest is interest (unearned income) whether an internet savings account or a mortar and bricks bank savings account. You may avoid paying tax on interest until withdrawn in certain situations such as 401Ks, IRAs of certain types and other tax-deferred vessels. Otherwise, it's reportable and may or may not raise you to a new income bracket when taxes are calculated. |
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