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Author Topic: Tax Return Filing Question  (Read 2266 times)
dolphins4life
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« on: January 21, 2011, 02:03:03 pm »
I just got my forms to file my tax returns today. 

I don't understand what "Taxable Interest" means.  I have a savings account, checking account, CD, and IRA.  All of these accumulate interest.  Is the taxable interest the sum total of all the interest these things have accumulated over the year?

Thanks
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Dave Gray
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« Reply #1 on: January 21, 2011, 02:11:44 pm »
I'm not an accountant, but to the best of my knowledge, yes.

Each interest earning investment should send you a form to use on your taxes.  CDs and savings will have them, and IRAs don't necessarily.  If you use TurboTax or something like that, it's pretty easy, as they ask for the forms specifically by number.
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Brian Fein
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« Reply #2 on: January 21, 2011, 02:50:32 pm »
Yes - interest you get in savings are taxable and thus must be considered.
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Jim Gray
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« Reply #3 on: January 21, 2011, 02:52:01 pm »
I think TurboTax offers a free online service that covers simple filings.  Sounds like that will fit your needs.  
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JVides
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« Reply #4 on: January 21, 2011, 03:46:24 pm »
Anything for which you receive a Form 1099-INT will be taxable interest.  Interest earned in your IRA is not included in the "taxable interest" box.  Municipal interest (like if you have state or city bonds) are generally not taxable either.  Best bet, accumulate your Forms 1099-INT and report that figure.
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dolphins4life
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« Reply #5 on: January 21, 2011, 07:11:49 pm »
Where do I get my forms 1099-INT?
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« Reply #6 on: January 21, 2011, 07:33:16 pm »
They will be mailed to you.
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JVides
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« Reply #7 on: January 21, 2011, 10:30:11 pm »
Most banks now have 1099 information available through their websites as well.
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dolphins4life
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« Reply #8 on: January 23, 2011, 01:50:02 am »
Next question:

On the 1040EZ sheet it only asks for federal tax withholding.

Is there a separate sheet for state tax witholding?

Last year, I got back almost all my federal and state taxes back.       
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« Reply #9 on: January 24, 2011, 02:20:44 am »
What state do you live in?  FL has no state income tax.
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Landshark
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« Reply #10 on: January 24, 2011, 09:47:15 am »
Quote from: dolphins4life on January 23, 2011, 01:50:02 am
Next question:

On the 1040EZ sheet it only asks for federal tax withholding.

Is there a separate sheet for state tax witholding?

Last year, I got back almost all my federal and state taxes back.       

Yes.  There is a separate form for your state taxes, if your state has a state income tax.  In Florida, there is no state income tax.
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dolphins4life
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« Reply #11 on: January 24, 2011, 12:54:20 pm »
I live in Massachusetts
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« Reply #12 on: January 24, 2011, 01:57:18 pm »
Turbo Tax.  It's easy.  I think the base package is free, or you can pay something pretty cheap (like $40) for some of the expanded help.  Try it out.  They walk you through everything.
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