Savings Account Interest

by Lynda

Does the interest that we get on a savings or money market account have to be reported to the IRS each year?

Comments for Savings Account Interest

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Apr 15, 2015
by: Lewis in NC

Who is "we"? Church receiving interest, or individual receiving interest? Churches do not pay taxes to IRS; individuals do report interest income on 1040, 1040A, or 1040EZ forms.

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Join in and write your own page! It's easy to do. How? Simply click here to return to Church Accounting FAQs.

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