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August 16, 2020
Question

Savings question.

  • August 16, 2020
  • 1 reply
  • 0 views

My only income is VA benefits, I do not work. I recieve interest on my savings account.  What do I do about the interest if I don't file taxes due not having reportable income other than the interest?

 

Thank you for your help in advance.

1 reply

DoninGA
August 16, 2020

Depends on your age and filing status whether or not you need to file a tax return since the interest earned is taxable income.

 

For tax year 2019 -

2019 Filing Requirements.JPG

 

Jones2Author
August 16, 2020

My file status is single and the interest was 12 dollars. 

DoninGA
August 16, 2020

@Jones2 wrote:

My file status is single and the interest was 12 dollars. 


Then no tax return needs to be filed.