Although it May Seem like Free Money, Interest Income is rarely Tax-free
Here is a Tutorial on the interest income from 1099-INT: Consider yourself fortunate if you get a form 1099-INT (1099 interest income) in the mail. Although it’s another tax paper work to remember, it’s also a success: It implies that throughout the past year, you most likely earned interest of more than $10. That’s quite good with rates close to nothing. You must legally disclose interest income on your tax returns. Financial institutions, however, are not required to give you a 1099-INT unless you have accrued interest income of at least $10 over the previous year. Even if you earn …
Although it May Seem like Free Money, Interest Income is rarely Tax-free Read More »