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reporting interest on a savings account...?
If I open an ING savings account for my 11 month old son would I have to report the interest earned next tax season?
Thanks for the two answers so far. I am not worried or even looking to make money on it I am just putting money away for him and was not to sure about the tax part of it.
4 Answers
- lduncan00Lv 71 decade ago
You'll get a 1099-INT statement from ING that will show all interest earned for the year that is to be reported to the IRS.
The only exception to having to report it might be if it is less than a certain amount, but I doubt this is true. And with interest rates as low as they are these days, chances are you are not going to make much on it.
- ?Lv 45 years ago
interest on economic organization deposits is totally taxable. The IRS does not require them to deliver you a form 1099-INT except the entire exceeds $10.00. Your final assertion for 2006 will coach how lots became paid for the 12 months. If that is under 50 cents, you are able to thoroughly overlook approximately it. If that is greater effective than $a million.00 you're able to re-determine your taxes with it and amend your return if it differences your tax legal accountability.
- 1 decade ago
no, unless he's making more than $100 in interest(which i'm sure he's not-at this point)in a year- it wont be a problem.
