 Do more taxes come out of overtime hours? |
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 2008 Stimulus Tax Rebate i need help? |
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 Can you claim an unborn child on your tax return? |
| My mother in law said that her daughter does this and she should know because she has a ton of kids (she is married and Mormon...will pop them out until she can no longer). Don't you have to ... |
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 When you loose children and claim them on your taxes...? |
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| Im in full time employment but i want to get a second Job with an agency they told me i have to pay emergency tax permanently is this true?... |
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| I know of a store manager that doesnt pay tax. how do I complain to the IRS and get him busted?... |
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So much income goes in tax and overheads it could be easier for them to take the lot and give us our spending money!!
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 Will the IRS come after a spouse money when the other spouse has not filed taxes? |
| My little sister married a real loser last year. The guy has not really worked steady and now to make matters worse she just found out he has not filed in three years. Will the IRS garnish her wages? ... |
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| Hi I am an avon rep but I was told I dont earn enough to pay tax, is this right, I only get around 60 pound a month and sometimes less. Also as I am only getting this amount a month, is there ... |
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DavidFL | On savings accounts, how much interest do you have to earn in a year to have to pay Capital Gains taxes? |
For example, say you have $5,000 in a 5% interest savings account. Which would be $250 in interest a year. At what amount do you have to pay capital gains tax? |
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Sugar
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one dollar $1.00 |
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Wayne Z
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Interest Income is subject to ordinary income tax; not Capital Gains tax and you should report all of it.....even $1.00 on the return. |
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Judy1
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It's not capital gains, interest is ordinary income and does not qualify for the long term capital gains treatment or rates.
The bank or other institution will send you a 1099-INT if the amount of interest is $10 or more, and will report it to the IRS. Even if the interest is less than that, you are legally required to report it on your tax return if you are filing one. If your total income, including the interest, is below the limit where you have to file, then you don't have to report it unless you file anyway. |
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STEVEN F
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Judy's answer is entirely accurate. I have one clarification. Unearned income, such as interest, can reduce the amount of income at which filing is required. |
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Franklin
 |
Interest is reported on Form 1040, Schedule B as ordinary income - starting with the first dollar earned. But suppose you bought a corporate bond for $5,000 that paid 5% interest and suppose this bond was to mature in 10 years and the corporation had no right to pay it off early. And suppose interest rates went down so that $5,000 10 year bonds that were newly issued by the same corporation were paying only 4% interest - Your 5% bond would be worth more - and if you sold it at a gain - say for $5,500 you would report the capital gain on Form 1040 Schedule D. |
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The Answer Man
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It would be better if you could pay capital gains taxes since long-term gains are generally lower. But interest is including with the rest of your income and is used to compute adjuste gross income. But banks usually won't issue a 1099-INT unless the interest exceeds $5.00. |
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I'mTheDecider
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Interest is seperate from Capital Gains and you are asked specifically about interest as your bank must send you a 1099 form stating interest earned. |
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CctbOh
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You don't pay capital gains tax on a simple interest savings account. You only pay capital gains tax on stock investments such as those with mutual funds. |
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