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What is the least amount of interest that a bank reports to the IRS?
Wiki User
∙ 13y ago
I think it is $10.00 because my son got a 1099 form from the bank for a little over S10.00, while my mother-in-law did not get one for $9.50.
There is no minimum by law
Wiki User
∙ 13y ago
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What does a basic bank account entail?
A basic bank account entails the storage of the amount of money that you invest in it. It will then use a certain amount of your money to invest in other businesses, which allows the bank to give you interest.
Does Chase bank have free checking accounts?
Chase Bank does have free checking as long as you have a minimum balance of 100 dollars. there are also interest bearing checking accounts were if you maintain a balance of at least 1500 dollars your account will receive interest on your checking account.
What is entry for interest credited into Bank account?
bank account debit and interest payable credit
How do you pass journal entry if company take t he loan from bank includes interest?
debit bank accountcredit loan from bankwhen interest incurreddebit interest on loancredit loan from bank
What is minimum cash balance policy?
This is the minimum amount of cash that you need to keep in your bank account in order to keep your account open or receive interest. In most cases, it is a relatively small amount.
How much interest would you get if you had 200000 in the bank?
The amount of interest one could expect to receive when having $200,000 in the bank would depend upon many factors. The bank in which the funds are located and the interest rates they offer will determine the amount of interest calculated on the balance in the account.
Is the amount charged for use of bank's money is called interest?
Yes. The amount a bank charges you for using their money is called an interest. This facility wherein you get to use the banks money and repay them is called a Loan. The bank grants you a fixed amount as loan and you repay them every month along with an interest.
What is the interest earned?
Interest is a certain amount of money added on top of what you already have. For example: If you had £1000 in your bank account, and the bank added 5% interest, you would gain £50 free from the bank for keeping that £1000 in your bank.
What is interest earned?
Interest is a certain amount of money added on top of what you already have. For example: If you had £1000 in your bank account, and the bank added 5% interest, you would gain £50 free from the bank for keeping that £1000 in your bank.
Which bank in has the highest interest in checking and savings account?
Karnataka bank in india has highest interest in savings account. For the amount kept between 7 to 45days you get 4.5% as interest
At a bank to receive interest is a minimum balance required?
If an account is interest based then any amount is fine
What is primary reserve?
A primary reserve is a specific amount of money that a bank needs. This specific amount is the least amount they need to run the bank.
How do you make your neopets bank interest go up?
To make your interest go up, you simply need to deposit more Neopoints (NP). The more NP in your bank account, the higher your interest. Also, by switching your type of bank account (see the bottom of the National Neopian page) to a more expensive account (you will need to have at least the minimum amount of NP when you start that new type), you will increase your interest slightly.
A percentage of the amount in the savings account which is a reward for the bank's use of the money?
interest
How much is the interest if you loan money in an cooperative bank?
It depend on the amount you saving
What does interest paid mean?
Interest Paid may appear on account sheets and bank statements, etc, and is the amount of interest paid (usually by a bank) on savings in a deposit (and some other) accounts. For instance, the interest paid may be a gross figure, any tax taken out will leave a net amount.
Interest earned on a billion dollars?
You can earn a lost of interest on a billion dollars. The amount of interest you will earn will depend upon your rate of interest and how long you leave it in the bank.
