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Level 3
posted Jun 20, 2019 3:41:05 PM

Tax liability on keeping cash in checking account

Hello,

I have recently started working. I dont invest in anything. I have one chase account in which I get my paycheck. If any of checking/saving account become more than 10K or may be 20K, do I have to fill any forms with IRS. All my deposits are from my employer. I dont plan to invest this year. So money will be accumulating in my account. Do i have to worry about anything from tax/IRS point of view?

 

Thanks in Advance

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1 Best answer
Level 15
Jun 20, 2019 3:46:15 PM

No reporting required for account balances.  Or are you a foreigner?  Many people keep a lot more in their checking or savings accounts.  That's what bank accounts are for.  You don't need to keep cash under your mattress.

2 Replies
Level 15
Jun 20, 2019 3:46:15 PM

No reporting required for account balances.  Or are you a foreigner?  Many people keep a lot more in their checking or savings accounts.  That's what bank accounts are for.  You don't need to keep cash under your mattress.

Level 3
Jun 20, 2019 3:49:05 PM

Thanks @VolvoGirl for your reply. Yes. I am not a US citizen. So i wanted to make sure there are no such rules here in USA