When earning interest from a high interest saving account from Donut

[Delturba01]

If I am only able to get 5% of money from a frozen account, do I need to claim interest earned off the 5% received? Or do I wait until the account is not frozen and claim the interest?

How do I apply interest towards tax filing ?

[marctu · Accepted solution]

@Delturba01 thank you for the question.  I gather off the bat, the question back would be frozen for what?  Interest earned is reported on Form 1099-INT.   If you received a 1099-INT you should report the interest even if the account is frozen.  Ultimately the question of being frozen does not impact whether the interest is taxable income. 

I do hope it is quickly unfrozen.

All the best,

Marc T.

TurboTax Live Select Time Tax Expert

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