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Ann | W-2 1040ez form single. help! i dont know what taxable interest is.? |
#2 on the 1040ez.
Is it #2, #4, and #6 on the w-2. or is it just one of them? |
 |
 
Judy1
 |
It's not from your W-2. If you have a bank account that pays interest, they should have sent you a form 1099-INT if you made more than $10 interest for the year. The amounts on the 1099-INT's is what you put for taxable interest. If you have an account that paid you less than $10, they might not have sent a 1099-INT but you would still list the amount you DID make (can get from your last statement or call the bank).
If your only income is from your W-2, leave the interest line blank, you don't have any. |
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Cronides
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It won't be on your W2. Taxable interest will be any money you earned from an interest bearing account like a savings account. You will recieve another form from your bank if you made enough interest...I believe its a 1099 or something like that.
Some banks won't send out a 1099 if it's under $10, but you still need to report the income. Check your bank statement for the end of the year, or look at their website for reportable interest if you have an interest bearing account.
If you don't have any interest bearing accounts...skip that baby and move on! |
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bostonianinmo
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It's not on the W-2, but on your bank statement. |
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aleesia v
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Taxable interest is ay interest income that you've recieve during that year from any source,bank etc... not anything on your w-2: ) |
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acmeraven
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Taxable interest means any interest you earned on a checking account, savings account or stock brokerage account. You add this amount to your wages from your W-2 that you list on line one on the 1040EZ. |
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SuperCooper
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Taxable interest isn't on a W-2. Taxable interest is what you might have received from your bank account |
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Roger C
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Interest in tax preferenced accounts like IRAs is not taxable. Neither is interest on some state, county and municipal bonds. US Savings bonds interest used to pay college tuition may be tax free. Most other interest (banks, CU, MMs, etc) is taxable. Check with the IRS if you have an item you are unsure about.
Interest income is normally on a 1099-int from your bank or other institution.
Ignore the answer below about $400 or more as it is incorrect. If it is $400 or more you may have to file 1040 and schedule B (you still owe taxes on lesser amounts).
PS: aleesia - I hope mom is a better tax adviser than you are. |
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Jen
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Taxable interest is not from your w-2 but rather the 1099 you get from your bank (mortgage interest or savings account interest, that sort of thing) |
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sonyack
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You don't owe taxes on $400 interest or less. You should have received by now a statement from the bank indicating how much interest you earned on you savings account. Taxable interest would be the amount over $400. |
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