Interest, Taxable and Non-taxable

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A (relatively) brief video about interest income, when it's taxable and when it isn't, and how interest income is handled by the various states. The video goes into what is on several boxes of an IRS Form 1099-INT, and where interest income is reported on a tax return.
Additional Resources and Information:
IRS Publication 17: "Your Federal Income Tax": www.irs.gov/pu...
IRS Form 1099-INT: "Interest": www.irs.gov/pu...
IRS Schedule B: "Interest and Dividends": www.irs.gov/pu...
investopedia.com: "How to Report Interest Income": www.investoped...
The Tax Geek on Twitter: @taxgeekusa
The Tax Geek on Reddit: www.reddit.com/r/askataxgeek
Image Credits:
Pexels.com
Wikimedia Commons
Kenneth C. Zirkel CC-SA 4.0
Joshua Doubek CC-SA 4.0
The image of "Edwina" was generated by thispersondoesnotexist.com and any resemblance between her and any person, living or dead, is incidental and not intended.
Intro Music: "Bluesy Vibes" - Doug Maxwell - RU-vid Audio Library
Background and Outro Music: George Street Shuffle, Kevin McLeod, incompetech.com via RU-vid Audio Library
DISCLAIMER: This video is for educational and informational purposes only. It is not intended to render tax advice or investment advice for individual situations. If you have questions regarding your particular situation, please consult with a qualified tax or investment professional.
The information in this video is current as of date of publication, and is subject to changes enacted by Congress or the IRS.

Опубликовано:

7 сен 2024

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Комментарии : 8

@timw491 2 дня назад

Thanks, was very helpful. However, could really use a video on If, and How, does interest , ordinary dividends, and qualified dividends, affect which marginal income tax bracket you fall into. Understand what rates they are taxed at, but are they included as ordinary income in calculating your marginal tax bracket, or are the "stacked on top" of ordinary income similar to capital gains. Would really appreciate a simplified explanation of above. Thanks

@stellarv5689 9 месяцев назад

Thank you, this is very helpful

@TheTaxGeek 9 месяцев назад

You're very welcome!

@argonaut119 5 месяцев назад

Hey TaxGeek: Nice jobs on the YT vids. Would you consider covering topics related to margin, margin interest, Form 4952, margin interest deductible or fully expensed out from investment income, etc. Look forward to those topics. Thanks.

@TheTaxGeek 5 месяцев назад

I touched very peripherally on this subject in this video: ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-9r_1mDHnIUg.html but it certainly does a more in depth treatment. I've added it to the list.

@khatran1153 8 месяцев назад

I have recently received a 1099-INT form in my bank for tax year 2021. Box 1 says 2.60 and box 4 says .59. I am not sure what it means, like do I owe the government $2.60 or $0.59, and do I need to refile tax return on 2021 again to fix this problem?

@TheTaxGeek 8 месяцев назад

Technically, you could amend your tax return to claim the $3 in interest (which wouldn't change your tax liability) and claim the additional $1 in withholding to get it refunded to you. As a practical matter, there's no way anyone would take the time and effort to do that.

@MMAGUY13 4 месяца назад

I’m getting a lump sum from Worker’s Compensation and I’m gonna put it in the bank to get interest. Is there anyway I could avoid paying interest on that because I’m trying to use this to live on