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Get your taxes done using TurboTax
Topic no. 403, Interest received | Internal Revenue Service states: Most interest that you receive or that is credited to an account that you can withdraw from without penalty is taxable income in the year it becomes available to you.
I read this as interest earned in an account where you could be charged a penalty and lose the income, then it isn't reported until actually earned/ paid rather than accrued.
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‎April 10, 2025
9:00 AM