Interest Income

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  • most interest income (for example from a savings account) is subject to normal income tax rates but not social security and medicare taxes
  • interest income is reported on Form 1099-INT
  • some interest income are exempt from federal income taxes, such as bonds from state governments and bonds from municipalities. this income will still often be subject to state and local income taxes
  • interest from US treasury debt instruments (e.g. treasury bills or bonds) is subject to federal income tax (at normal income tax rates) but exempt from state and local income taxes

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  • 16 days ago by vince