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| *Loan,banking and credit>>>tax accounting |
How are bank CD accounts taxed? Am I taxed when they mature or each year like a savings account? |
How are bank CD accounts taxed? Am I taxed when they mature or each year like a savings account? Previous answer is incorrect. I assume you are not asking about a Roth (tax free) CD. For all others you will receive a 1099 for CD interest accrued in each tax year. The 1099 shows interest paid into your account for which you owe taxes in the year it was paid. When your CD matures you will only owe tax on the interest amount accrued in the year the CD was redeemed. Remember 1099's are reported to the IRS. When you take the money out. kayak is correct. You will get a 1099-INT from your bank, for the amount that was paid to you during the year. That's the amount you report on your taxes. |
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