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You are required to report and pay federal taxes on any interest income you receive from a savings account. The income is taxed as unearned, which means you'll escape payroll taxes, but you will ...
Savings account interest is typically taxable income, but there’s more to the story than that.
If you keep money in a regular savings account you will generally owe federal income taxes on the interest that is earned. You'll pay taxes at your regular rate the year interest is earned ...
As of the 2018 tax year, Form 1040, U.S. Individual Income Tax Return, is the only form used for personal (individual) federal income tax returns filed with the IRS. In prior years, it had been one of three forms (1040 [the "Long Form"], 1040A [the "Short Form"] and 1040EZ – see below for explanations of each) used for such returns.
For tax year 2012, one spouse made $10,000 in wages and the other spouse made $15,000, plus the couple received $525 on interest from a savings account. Since they are into the phase-out range, their EIC will phase out by the greater of earned income or adjusted gross income.
Form 1040, officially, the U.S. Individual Income Tax Return, is an IRS tax form used for personal federal income tax returns filed by United States residents. The form calculates the total taxable income of the taxpayer and determines how much is to be paid to or refunded by the government.
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