Solved: How much money can you make in interest before it is taxable?
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How much money can you make in interest before it is taxable?

 
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How much money can you make in interest before it is taxable?

Whether interest is taxable or not depends on your total income, not just the interest income itself.  A financial institution must report interest paid to you if it exceeds $10.  However, you are required to include all your interest income in your return whether it was reported to you by the financial institution or not if you are required to file a Federal tax return.

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Level 7

How much money can you make in interest before it is taxable?

Whether interest is taxable or not depends on your total income, not just the interest income itself.  A financial institution must report interest paid to you if it exceeds $10.  However, you are required to include all your interest income in your return whether it was reported to you by the financial institution or not if you are required to file a Federal tax return.

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