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

cathy_leitner · ‎June 6, 2019

Howard1948 · ‎June 6, 2019

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.

View solution in original post

Howard1948 · ‎June 6, 2019

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.