Hello,
For Interest income (1099-INT), if you don't work (no W-2) and you are earning certificate of deposit (CD) income from your life saving money, what % of tax is imposed? Let's say interest income is the only source of income.
My knowledge is if there is W-2 (working income) the interest income follows your W-2 tax rate but 1) what if interest income is the only source of income then what is the tax rate?
2) Is there certain threshold on interest income tax rate? For an example if there is threshold of 20% tax rate on first $20,000 interest income then anything beyond is taxed at different rate if my entire interest income was $50,000?
