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| *Loan,banking and credit>>>income tax |
When do i need to pay income taxes on a bank CD? |
When do i need to pay income taxes on a bank CD? If you received the income from the CD in 2006, you need to pay the taxes by Tuesday. For me: Judy's answer below was very detailed(& the best answer in my opinion). Basically you pay the interest on the yearly basis even if the multi-year CD is "renewed". Generally interest is taxable in the year received. If your bank issues a 1099-INT, you should treat the interest as received in the year for which the 1099 was issued If its term is more than a year, the interest each year is taxable that year. The bank or other institution will send you a 1099-INT each year that there's taxable income, showing the amount of the interest for that year. |
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