Savings question.

[Jones2]

My only income is VA benefits, I do not work. I recieve interest on my savings account.  What do I do about the interest if I don't file taxes due not having reportable income other than the interest?

Thank you for your help in advance.

[DoninGA]

Depends on your age and filing status whether or not you need to file a tax return since the interest earned is taxable income.

For tax year 2019 -

[Jones2]

My file status is single and the interest was 12 dollars. 

[DoninGA]

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@Jones2 wrote:

My file status is single and the interest was 12 dollars. 

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Then no tax return needs to be filed.

[Jones2]

Ok  thank you 🙂

So to clarify even though I am required to report any interest on a savings account over 10 dollars.  I don't have to report it because my income is beneath the poverty line?

[rjs]

IF you file a tax return you are required to report all interest, even if it's less than $10. But you are not required to file a tax return if your gross income is below the filing threshold, even if you have some income that you would have to report if you did file a tax return.

The filing threshold is not the same as the poverty line.

[Jones2]

Thank you for your help 🙂