*Loan,banking and credit>>>tax accounting

Do I need to pay taxes on savings account?

i have never worked or filed a tax return and was wondering if i put $20,000 into a savings account would i have to file taxes?

you have to claim the interest as earnings but
if that's all you have for earnings it wouldn't be enough to bother even filing as you wouldn't owe anything

It depends on your tax situation. For example are you single, how much did you make, do you have a business, etc?

Generally, anything over $10 interest is reported by most people.

I'm very honest and report every single penny, but offset taxes with other things.
Poor thing. Sounds like you want to do the right thing. I do not believe the gov't taxes your savings account. What the gov't does do, however, is ask you what you earned for the year you are paying taxes. Then they tax you on that amount. What you do with the money you earned in the year is your business.

But you're best source for this answer is to call and speak to your friendly IRS representative. They can help you understand things. They also have many phamplets to help you understand how taxes work.

HAND
John, the full battery of rules concerning earnings, taxation, and filing requirements would take many paragraphs to completely answer, so allow me to address your specific issue.

Assuming someone else is claiming you as a dependent, then you will NOT have any federal taxes or have to file a federal tax return if your unearned income (for your case, this is the interest your account pays you during the year) is $800 or less. If your unearned income is more than $800, you will have to file a federal tax return and will owe a small amount of taxes. For example, your taxes on $810 of interest will be $1. on $820 it will be $2. The first $800 of interest you earn is tax free.

If you are under 14, you can report investment income on your parent's return.

Each state is different. You'll have to check with your state to see their filing requirements and tax laws.
Check this link. It has all the answers: http://www.irs.gov/pub/irs-pdf/p929.pdf...
Only thing taxable is the interest the money earns in the account unless it is a tax exempt account of some kind.