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The amount that is now in the bank should have been subject to the income taxes already and the income taxes should have been paid. The earnings INTEREST,etc. on the amount that is in the bank would be reported on your 1040 federal income tax return along with all of your other gross worldwide income and be subject to income taxes at your marginal tax rate.
What else can I help you with?
What is minimum amount required to open an account in iob bank?
Rs. 500 is the minimum amount required to open an account in iob bank
Is it part of the ObamaCare bill that you will be taxed 1 percent on any amount that you deposit in a bank in US?
No.
What is the minimum amount per withdrawal in a day using ATM of another bank?
The minimum is zero
What is the minimum amount of money required to open a bank account in the UAE?
Varies from bank to bank and you must have residency within the UAE
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.
Do business bank accounts require a minimum amount of money to be kept in an account monthly?
Most banks do not require a minimum balance to be kept in a business account. If you are looking at obtaining one, you will want to check with your local bank if they require a minimum balance.
How much amount to open saving account on sbi?
The minimum amount required depends on the facilities you want. If you want an ATM card and a cheque book on your account, the bank will ask you for Rs. 1000/- or more as minimum deposit. If you don't want these features then the bank should accept only Rs. 500/- as the minimum deposit.
At a bank to receive interest is a minimum balance required?
If an account is interest based then any amount is fine
Minimum amount of gold should be in reserve account of the currency making reserve bank?
What are types of currencies reserves?
What is minimum balance?
The minimum amount a bank or other financial institution requires a customer to maintain in his or her account. The institution can set a minimum balance level for any of its accounts, and this amount will vary by institution. Usually, if the required minimum balance is not maintained, the customer is charged various fees for failing to meet the requirements.
Why do banks charge Minimum balance fee?
The bank incurs certain expenses in maintaining our accounts and providing the banking services. By fixing a minimum balance, the bank can be sure of the amount of money it can have in its reserves and plan its cash flows better.
Why do banks charge you on unsufficient funds when they know you dont have no money?
Because each type of account requires a minimum amount to be maintained with the bank. If we fail to do so, the bank has all the rights to charge us fines for not maintaining the minimum balance
