question about 1040ez state form

[plastick]

I'm embarrassed to ask this because this is like the most basic tax form, but I'm so damned pissed right now. I am on the second line and it asks for taxable interest. What the f is that?? I looked it up in the help file, but it doesn't make it clear to me? It seems they want to know how much money I have in my bank account, but that fluctuates, so I don't understand what the hell to put.

I wanted to get this done this morning, and Ive been wasting my time with this.

someone please help this moron

 

[KMc]

Any interest you earned in bank accounts, etc.

 

[FoBoT]

if you had a savings account, and they paid you $12.34 in interest , that goes there

if you got more that $10 from any one bank ,they would have sent you a form, otherwise you need to look on your december statement for the YTD (year to date) interest amount that they paid you and use that

 

[plastick]

really? I dont even remember digging up that information last year... or any other time before that...

 

[FoBoT]

Originally posted by: plastick
really? I dont even remember digging up that information last year... or any other time before that...

unless you have a crap load of money laying about earning you interest, then it probably isn't enough to make any difference to your taxes , if you are using the EZ form

 

[plastick]

yeah its not much... if i cant find it, should i just put zero or something?

 

[KMc]

Look at your last bank statements from last year and it should show a year to date amount of interest paid. It may also still show on you first statement from this year. In fact, you should receive a document called a 1099-INT from your bank indicating how much, if any, they paid you. You would receive one per account.

It is a real possibility that they paid you no interest if your balances typically are small. In this case, it is simply $0.00.

 

[plastick]

i throw away my bank mail since i do everything online.. but i found it.. its only like two dollars. *laughs*

thanks guys

 

[FoBoT]

Originally posted by: plastick
yeah its not much... if i cant find it, should i just put zero or something?

just find a december or november copy of your statement for any interest paying accounts

remember that you can round off to the nearest dollar, so if your november statement says "$3.45" and you put down $4 , it isn't going to change your tax or refund

just find something to give you a reasonable idea of what to put on the form