Savings Account

Forum|Forum|2 years ago
November 29, 2023
1 reply
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I know you have to report interest on a regular savings account. My questions is do I have to pay taxes for taking money out of a regular savings account?

xmasbaby0

Level 15

No you do not pay tax for taking money out of your regular savings account. The only thing you enter about your savings account is any interest you received.

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**

AndrewA87Author

Level 5

And the interest I report is interest I earned in that tax year. So if I am working on my 2023 tax return I would only report interest payments that I earned in 2023 and not previous years ... correct?

Mike9241

Level 15

if the interest is over $10 paid in 2023, you'll be getting a 1099-INT for 2023 for the amount paid, at least for US accounts, which will have the amount on it.