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ktripp23
New Member

Is my 25k CD account interest taxable? I just6 keep rolling it over. No withdrawals.

Is a CD account interest taxable?
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MinhT1
Expert Alumni

Is my 25k CD account interest taxable? I just6 keep rolling it over. No withdrawals.

Yes. Interest earned on a CD is taxable, even if it is not withdrawn.

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Is my 25k CD account interest taxable? I just6 keep rolling it over. No withdrawals.

Yes you should get a 1099INT each year from the bank.   If your CD is more than 1 year long, some banks only give you a 1099INT for all the interest when the CD matures.  But most will give you a 1099INT each year for the interest.

 

If the CD is in a IRA or another kind of retirement account you don't report the interest or dividends.  

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