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amitforum · Joined: 23 Jul 2009 Posts: 30 4.71 Dollars($)

On saving account in bank,whatever interest will be come ,Is that taxable?
which are bank accounts are taxable?

smithsussane · Posted: Sun Sep 06, 2009 11:42 pm Post subject:

Hi amitforum,

Interest received on the savings account is taxable. Some of the credit unions, loan associations, savings and loan associations, mutual savings banks as well as cooperative banks call this as dividends. For tax purposes, this is considered as interest and you should report them as interest.

Feel free to ask if you've further queries.

Sussane

gmakerley · Posted: Tue Sep 08, 2009 8:56 am Post subject:

regrettably, i don't believe amitforum has any clue as to the irs.

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