ING Savings account... does it get taxed?
03-03-2008, 08:22 PM
#1
styling on you
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ING Savings account... does it get taxed?
Just curious guys, If I open an ING savings account and put 10K in there, will it get taxed and will I have to report the interest? I make ~5-8k a year btw. Thanks for the help
03-05-2008, 02:23 PM
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styling on you
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Sorry for being such a noob but how does this work? At the end of the year I fill out some form or what? Does the bank send me the info or what do i do?
03-05-2008, 02:58 PM
#6
The bank will send you a 1099 form with your interest earned for the year. In the case of ING it's an online 1099 once you log into your account you can view it.
You state this on your tax return & add it to your adjusted gross income.
If it's under a certain amount you don't have to report.
You state this on your tax return & add it to your adjusted gross income.
If it's under a certain amount you don't have to report.
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