I HAD TWO CD"S WITH jONES. I TOOK CASH OUT ON ONE OF THEM AND REINVESTED THE OTHER 10.0 WITH CHASE . DO I PAY ANY TAXES ON THE ONE CD THAT I TOOK 10.0 FOR CASH?
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If these CD's are not retirement income, you would only pay taxes on the interest income earned on both CD's. You would not pay income taxes on the principal money you took out or re-invested.
If these are retirement CD's and:
There are several different retirement plans, each with their own rules on taxing withdrawn income.
If these CD's are not retirement income, you would only pay taxes on the interest income earned on both CD's. You would not pay income taxes on the principal money you took out or re-invested.
If these are retirement CD's and:
There are several different retirement plans, each with their own rules on taxing withdrawn income.
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