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posted Jun 3, 2019 11:16:42 AM

Does Retirement Insured Money Market accounts need to be reported ?

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Level 7
Jun 3, 2019 11:16:44 AM

If you are referring to interest earned within a retirement account such as an IRA or 401(k), it is not taxable or reportable.

Otherwise interest earned from a money market account is taxable and reportable but the principal portion of the money market account is not reportable.


1 Replies
Level 7
Jun 3, 2019 11:16:44 AM

If you are referring to interest earned within a retirement account such as an IRA or 401(k), it is not taxable or reportable.

Otherwise interest earned from a money market account is taxable and reportable but the principal portion of the money market account is not reportable.