|
|
Post by southwestform on Apr 14, 2011 13:41:37 GMT -5
One of my 1099-INT accounts has been deducting some type of taxes from my savings account every month.
How do I report my 1099-INT? Do I report it minus the amount of taxes taken out already?
Thanks.
|
|
henryclay
Senior Member
Joined: Feb 5, 2011 19:03:37 GMT -5
Posts: 3,685
|
Post by henryclay on Apr 14, 2011 14:53:53 GMT -5
There must be a problem with your social security number or they would not withhold tax. The tax withheld should be added to the other income taxes withheld when you prepare your tax return.
More importantly you need to speak to the people who hold your acounts and get the problem sorted out. They probably just want you to verify that they have the correct SS number.
It's a hastle, but they're just going by what big brother dictates and big brother is made up of what those other nerds voted into office because you and I would never vote anybody into office who we thought would nag us like this.
|
|
|
|
Post by nancy65 on Apr 14, 2011 16:24:44 GMT -5
One of my 1099-INT accounts has been deducting some type of taxes from my savings account every month. How do I report my 1099-INT? Do I report it minus the amount of taxes taken out already? Thanks. You need to report the total interest income per the 1099-INT AND you need to report the total tax withheld per the 1099-INT. Each has its own place to be reported on your tax form. |
|
