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Who pays income taxes on interest earned on a joint savings account that is owned by your minor child and yourself and is there an amount he can earn that is not taxable?
Wiki User
∙ 13y ago
The laws are different in different countries so you may wish to check with the tax authorities or an accountant or, easiest, whoever you are saving with. A minor child does have a small allowance but the parent is liable for taxes - and that would be at the parent's highest rate.
Wiki User
∙ 13y ago
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Is bank interest rate on savings tax deductible?
No. Interest payments, whether from banks or other sources are taxable unless some special provision applies. For example, interest paid on an Individual Retirement Account (IRA) and remaining in the IRA, and not taxable at all.
Is a joint savings account considered taxable as part of an estate?
My mother and i have a joint savings account my mother passed away does the money in the account become part of the estate
Is interest on bank account taxable or non taxable?
Taxable, of course. Virtually all interest income is taxable, unless fro a specific tax exempt type investment..like state and muni bonds.
Does the government tax savings accounts?
Any interest you earn will generally be taxable in the year that it is earned.
Do I Have to Pay Taxes on My Interest from CD Savings Account?
The amount of interest you earn needs to be reported if it is more than $10 when you surrender the CD or when its term ends. In general, your tax is based on the tax bracket of your taxable income. Check the IRS site.
Is interest on savings account taxable?
Yes.
Is interest income taxed when received or earned?
Interest income is considered taxable when earned. For example, if your savings account accrues interest, it is taxable at the time of accrual even if you are not utilizing the funds within the account. However, if you are accruing interest on a treasury bond that you have not yet cashed, the interest is not taxable until the bond is cashed and you receive the funds.
Is bank interest rate on savings tax deductible?
No. Interest payments, whether from banks or other sources are taxable unless some special provision applies. For example, interest paid on an Individual Retirement Account (IRA) and remaining in the IRA, and not taxable at all.
Is interest credited to account taxable?
yes
How much does the US government tax savings account interest?
Interest from savings accounts is ordinary income. It is taxed at the same rate as wages, for example. (Social Security and Medicare taxes do not apply to interest.) The rate is anywhere from 10% to 35% depending on your overall taxable income and your filing status. Interest from savings accounts is not capital gains.
Is a joint savings account considered taxable as part of an estate?
My mother and i have a joint savings account my mother passed away does the money in the account become part of the estate
Is interest on bank account taxable or non taxable?
Taxable, of course. Virtually all interest income is taxable, unless fro a specific tax exempt type investment..like state and muni bonds.
Does the government tax savings accounts?
Any interest you earn will generally be taxable in the year that it is earned.
If opening a small savings account with cash not earned income how do you avoid paying taxes on interest?
You CAN NOT avoid reporting the interest that is received during the year from your savings account and adding the amount to all of your other gross worldwide income and paying federal income tax on the amount at your marginal tax rate after your 1040 federal income tax return is completed correctly. And to the essense of yoru question, I believe your confused about what is taxable income. EARNED income may be taxable (generally is) and UNEARNED income (in the vernacular) is ALSO taxable the same way...it is all taxable income. And certainly interest is taxable income (unless it is from a specifically none taxable type of investment, like a State/Municipal bond) , regardless of the source of the underlying deposit.
Do I Have to Pay Taxes on My Interest from CD Savings Account?
The amount of interest you earn needs to be reported if it is more than $10 when you surrender the CD or when its term ends. In general, your tax is based on the tax bracket of your taxable income. Check the IRS site.
Is interest on savings account taxable in india?
Yes. The interest is considered an Income and has to be included in your net annual income while you file your income tax returns. If your interest is more than Rs. 10000 in a year, the bank themselves can deduct TDS and remit it to the Income Tax Department.
Bank interest received on saving account is taxable or nontaxable for the assessment year 2007-2008?
bankinterest received on saving bank account is taxable or nontaxable for the assessment year 2007-2008
