Savings Account Interest

by Lynda
(iowa)

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

Click here to add your own comments

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.

Click here to add your own comments

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

If you want to DIY your payroll, I highly recommend you look at using Gusto! It is very user friendly and their support is awesome! Plus they know how to set up and maintain payrolls for churches and nonprofit organizations.

Note: I am a "partner" of Gusto, but as I have told you before ... I never recommend anything that we or our clients have not tried and love =)



Share this page:
Enjoy this page? Please pay it forward. Here's how...

Would you prefer to share this page with others by linking to it?

  1. Click on the HTML link code below.
  2. Copy and paste it, adding a note of your own, into your blog, a Web page, forums, a blog comment, your Facebook account, or anywhere that someone would find this page valuable.