How to Manage Taxes on Interest Income

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How to Manage Taxes on Interest Income | Rob CPA

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Rob CPA | Personal Finance & Tax Planning

Күн бұрын

Пікірлер: 6

@user-adam- Ай бұрын

Hello Rob I couldn’t find information about if I only have interest income 1099-INT and nothing else, How much tax will I pay (married jointly 480k interest) Thank you!

@rob_cpa 14 күн бұрын

you need to factor in other deductions. sounds like just the standard deduction. you can use this to estimate your liability: turbotax.intuit.com/tax-tools/calculators/taxcaster/

@mominfar 11 ай бұрын

I have an high yield saving account I will be earning interest end of the year let’s see 5000 and if I don’t use that 5000 and let it compound so in your video where are you input $750 so in my situation I can put 5000 there as well as I don’t withdraw that 5000

@rob_cpa 11 ай бұрын

If I understand you correctly, you won't want to withdrawl the $5,000 - which is fine, but you will still get taxed on this interest income. You have to tell your bank to withhold taxes on that amount. So when you receive the 1099-INT form at the end of the year, you'll get credit for paying the taxes.

@g.t.richardson6311 6 ай бұрын

@@rob_cpa or pay estimated tax , or have more withheld from w-2 employment, or have extra withheld from IRA distributions Lots different options

@g.t.richardson6311 6 ай бұрын

don’t do it anymore, but from 1996 to 2021 I probably did about 6000/7000 tax returns , some were basic, but some high income, and high net worth individuals as well. Never once did I ever see a 1099INT, 1099DIV, 1099B with federal or state taxes withheld. I did have a number who paid estimated tax though. That’s what I do now. Have too