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How do you split joint account interest income in Virginia's spouse tax adjustment?
Wiki User
∙ 14y ago
I have this same question. I emailed the question to the Va. tax people and they say they will answer within 5 business days. So then I asked the question on their live chat, and I was told that you have to split it 50/50.
But I remembered from years ago when they did it a little differently that it was stated that you could split it any way you want to, however is the most advantageous. So then I called my local Commissioner of the Revenue's office and was told that it is the way I remembered. I told her that the person on live chat told me differently, but she was sure of her answer. So that's what I'm going to do. I'm going to put all the interest as my income because I earned significantly less than my husband and that will save us some money.
Wiki User
∙ 14y ago
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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 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.
Is interest income is debit or credit?
Interest income would be a credit entry, as it increases a form of revenue. If the interest income is received in cash, the entry would be: Dr Cash Cr Interest income If the income was not yet received but will be at a later date, the entry would be: Dr Interest receivable Cr Interest income In either case, the Interest income account would be credited.
Adjustment of the realization of income collected in advanced or unearned income?
Adjustment of the realization of income collected in advanced
Does parent claim child's bank account interest on income tax form if the interest is reported in child's name?
yes
How do you make journal entries on provision on interest on fixed deposit?
To make a journal entry for provision on interest on fixed deposit, you would debit the Provision for Interest on Fixed Deposit account to recognize the expense and credit the Interest Income account to reduce the income earned on the fixed deposit. This adjustment ensures that the financial statements reflect the estimated liability for future interest payments accurately.
Is the interest earn t in a bank account classed as an investment?
Interest earned in a bank account is not an investment. It is considered an income. The money that you have in the bank account that earned the interest for you is considered the investment
Which income statement account reports how much interest was incurred during the year?
interest expense
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 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.
How is interest on loans income treated in the books of a bank?
As long as the loan account is under standard category, the interest on such loan is treated as income, as the sub standard loan accounts does not earn interest and hence, the interest on such loans can not be considered as income
Is interest income is debit or credit?
Interest income would be a credit entry, as it increases a form of revenue. If the interest income is received in cash, the entry would be: Dr Cash Cr Interest income If the income was not yet received but will be at a later date, the entry would be: Dr Interest receivable Cr Interest income In either case, the Interest income account would be credited.
What do you mean by savings income?
I think what they mean is interest income earnt from having money saved in a savings account.
Adjustment of the realization of income collected in advanced or unearned income?
Adjustment of the realization of income collected in advanced
Interest that you earn on a savings account is?
The Interest you earn on a savings account is:An income for youAn expenditure for the bankIs fully taxableIs only 3.5% in IndiaEtc.
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.
Does parent claim child's bank account interest on income tax form if the interest is reported in child's name?
yes
