| Title: | DCU |
| Notice: | 1996 BoD Election results in 1004 |
| Moderator: | CPEEDY::BRADLEY |
| Created: | Sat Feb 07 1987 |
| Last Modified: | Fri Jun 06 1997 |
| Last Successful Update: | Fri Jun 06 1997 |
| Number of topics: | 1041 |
| Total number of notes: | 18759 |
Is the DCU paying any interest on Savings accounts? The reason I ask
is that my wife or one of my kids received a statement from the DCU
saying that they had no reportable interest for the last tax year. I
know they don't pay much (less than 3%) but I would think there would
be a few dollars to report. ...Or don't kids have to report interest
income?
John G.
| T.R | Title | User | Personal Name | Date | Lines |
|---|---|---|---|---|---|
| 761.1 | < $10.00 | CONSLT::DALRYMPLE | Tue Feb 22 1994 22:24 | 9 | |
It is my understanding that less than $10.00 annual interest is
deemed not worth generating a form 1099 to report the interest on.
As the tax brackets move in increments of $50.00, $10.00 or less
shouldn't affect anyone's tax liability. Your year end statement
should show how much interest was posted to each account. It is
just not reported to the IRS (with copy to you).
David
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| 761.2 | No money...no interest | LEDS::GRAHAM | Wed Feb 23 1994 11:46 | 6 | |
Ah, that probably explains it. My wife doesn't keep the money in her
account long enough to generate any interest! ;-)
John G.
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