topic Savings question. in Tax help for military filers

Savings question.

Jones2 — Sun, 16 Aug 2020 18:12:54 GMT

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.

Re: Savings question.

DoninGA — Sun, 16 Aug 2020 18:22:29 GMT

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 -

Re: Savings question.

Jones2 — Sun, 16 Aug 2020 18:25:11 GMT

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

Re: Savings question.

DoninGA — Sun, 16 Aug 2020 18:27:03 GMT

@Jones2 wrote:

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

Then no tax return needs to be filed.

Re: Savings question.

Jones2 — Sun, 16 Aug 2020 18:31:01 GMT

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?

Re: Savings question.

rjs — Sun, 16 Aug 2020 19:01:25 GMT

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.

Re: Savings question.

Jones2 — Sun, 16 Aug 2020 19:16:18 GMT

Thank you for your help 🙂