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Can you deposit your brothers income tax check into your own checking account?
Wiki User
∙ 16y ago
I did the same thing and the bank did not honor the check
Wiki User
∙ 16y ago
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What is the difference between a current account and a call deposit account?
You can withdraw cash at your call deposit account at any time if you have a call deposit account. The current account has the sum of the income of the goods and service less the expenditure.
Can you deposit your niece's income tax return into your account with permission?
Can I deposit my niece's income tax return check with her permission <><><><><> Your niece needs to countersign the income tax refund check.
Does the IRS tax you on your checking account without interest?
No. If your checking account in non interest bearing, then the you will have no interest to report on your income tax return and therefore no tax to pay.
What is the journal entry for interest earned on a checking account?
Debit cash / bankCredit interest income
Does the IRS tax you on your checking account savings without interest?
No. You should only be taxed on income, not on your savings.
Can you deposit a large check into your spouse's account that does not have your name on it?
Yes. There are no restrictions as to who can deposit cash into a checking account. Anyone can deposit cash into anyone else's account as long as they know the account number of the account into which they want to deposit cash. For ex: I can walk into the bank branch where you hold a checking account and deposit $500 into it if I know the account number. Nobody will ask or question me as to why I am doing so… Since in your case it is only your spouses' account no one is going to ask you anything. But, since the amount is high (as you say) she may have to show proof of income if the bank asks her to do so.
What is the difference between a current account and a call deposit account?
You can withdraw cash at your call deposit account at any time if you have a call deposit account. The current account has the sum of the income of the goods and service less the expenditure.
What is a house income?
When your paycheck goes to your account; direct deposit
What is house income?
When your paycheck goes to your account; direct deposit
Can you deposit your niece's income tax return into your account with permission?
Can I deposit my niece's income tax return check with her permission <><><><><> Your niece needs to countersign the income tax refund check.
Can a checking account be levied on a judgment if the consumer is retired and on fixed income?
Yes.
Does the IRS tax you on your checking account without interest?
No. If your checking account in non interest bearing, then the you will have no interest to report on your income tax return and therefore no tax to pay.
What are thebasic requirements for a fixed deposit account?
The basic requirements for opening a fixed deposit account are: a. Amount to deposit b. Existing relation with bank (You need to hold some sort of account with the bank. Else, you will be asked to open one) c. Source/Proof of legal income If you have these, any bank will be willing to open an fixed deposit account for you.
What is the journal entry for interest earned on a checking account?
Debit cash / bankCredit interest income
Is interest on a checking account considered income?
Yes. Your bank will send you a 1099-INT in January of the next year if you accrue enough interest on your checking account in a year to warrant issuance of one.
Does the IRS tax you on your checking account savings without interest?
No. You should only be taxed on income, not on your savings.
Is there a limit on the amount of money you can deposit into your bank account?
No. But, it is mandatory that you provide proof of income - as to how you earned that money. All Banks require source of the money to be furnished when you make the deposit
