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Do I have to pay taxes on a savings account?

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  • Do I have to pay taxes on a savings account?


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Answer #1 | 19/12 2013 16:55
You will get a statement in January, 1099-INT, which shows you how much interest you earned in the prior year.
Answer #2 | 19/12 2013 16:55
You are taxed on income. If you earned this money in some way, it is probably taxable. If it was a gift to you, the donor is usually taxed. The interest on savings accounts is taxed. The money in a savings account comes from somewhere and that source is usually taxed in some form.
Answer #3 | 19/12 2013 16:58
Most banks will report interest earned starting at $10, in which case you would get a 1099 at the end of the year so you would know to include that with your taxes. If you're not interested in earning interest, just request to have a non-interest savings account as banks are required to offer those.
Answer #4 | 19/12 2013 19:13
Not the part you save - that's alreathe sdy been taxed. Any interest you earn for that year is taxed though. This is the same for a savings or checking account.

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