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Level 1
posted Nov 30, 2022 1:04:39 PM

How can I figure out what $8.00 of taxable interest is based on? Our only investment income is a small savings account.

A mystery that college financial aid paperwork expects me to answer to complete application. It must be in my filing entries, right? But the bank says I only had $4.00 interest income. ??

0 4 527
4 Replies
Level 15
Nov 30, 2022 1:06:55 PM

for such a tiny amount, just say "Savings account".

@cliffordhughes 

Level 1
Nov 30, 2022 1:24:35 PM

Yeah, that's what I was inclined to do, but there are multiple warnings that the entries must be the same as the return, which College Board can access. It doesn't show a source of the interest, only an amount different than the credit union says we earned. Penalty for inaccuracy includes delays in processing. Oh well. It's only money! Thanks for your quick response. 

Level 15
Nov 30, 2022 1:39:40 PM

What idiots those college financial aid fools are ... making a fuss over $4 ???   Save a PDF of the return which includes all the worksheets to see where the interest came from ... if you had a K-1 form it may have come from that.  

 

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Level 1
Nov 30, 2022 5:49:16 PM

I have a copy of the return already, and have combed through it in search of the "investment" that produced the $8.00. I'm sure the financial aid form is just a program that indicates an issue when you enter the details, then forces the applicant to correct an "oversight" after all the entries are completed when you review the form. I sure appreciate your advice, thanks again.