Is interest that accrues on a Certificate of Deposit taxable. The only notice I received was a letter and not a 1099DIV. I tought that it was taxed when the CD was redeemed.
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Yes, interest that is *paid* on a CD is taxable in the year that it is paid (not accrued). You should receive a Form 1099-INT from the bank reporting any interest paid on your CD.
If you have not received this form, you may want to contact your bank to get a duplicate or an explanation as to why they didn't issue one to you.
Yes, interest that is *paid* on a CD is taxable in the year that it is paid (not accrued). You should receive a Form 1099-INT from the bank reporting any interest paid on your CD.
If you have not received this form, you may want to contact your bank to get a duplicate or an explanation as to why they didn't issue one to you.
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