Savings Account

[AndrewA87]

I know you have to report interest on a regular savings account. My questions is do I have to pay taxes for taking money out of a regular savings account?

[xmasbaby0]

No you do not pay tax for taking money out of your regular savings account.  The only thing you enter about your savings account is any interest you received.

[AndrewA87]

And the interest I report is interest I earned in that tax year. So if I am working on my 2023 tax return I would only report interest payments that I earned in 2023 and not previous years ... correct?

[Mike9241]

if the interest is over $10 paid in 2023, you'll be getting a 1099-INT for 2023 for the amount paid, at least for US accounts,  which will have the amount on it. 

[AndrewA87]

For accounts with less than $10 interest, I would only report interest earned in the year ... in this case 2023?