Taxes on ING Direct Interest

[CaptainKahuna]

I saw a section on 1099 forms on INGDirect.com

How are taxes done on the interest? Does ING report it directly to the IRS and they mail me a 1099? More info appreciated.

 

[SirWoj]

I think they will send you a form if you make over $10 of interest. I believe interest is taxed as regular income.

 

[DaveSimmons]

INGDirect should mail/email you a 1099-INT at the end of each year (by jan. 31).

Since it's simple interest you add it to a line on your 1040 and you pay your normal income tax rate (like wages) instead of the 15% capital gains rate.

 

[welst10]

Originally posted by: CaptainKahuna
I saw a section on 1099 forms on INGDirect.com

How are taxes done on the interest? Does ING report it directly to the IRS and they mail me a 1099? More info appreciated.

yea, this statement will be sent to IRS as well as you. So report it on your tax return.

 

[FrustratedUser]

Originally posted by: CaptainKahuna
I saw a section on 1099 forms on INGDirect.com

How are taxes done on the interest? Does ING report it directly to the IRS and they mail me a 1099? More info appreciated.

You get a 1098 or 1099 which you can download from their site. Everything above $10 is taxable.
Remember that if you are here on a Visa (Student, H1 or similar) you can file a W8 and you don't need to pay taxes on it.
Of course nobody told me that... 🙁

 

[CaptainKahuna]

I haven't ever done income tax (college student, summer jobs under the table). Do I need anything else besides the form they'll send me?

 

[FrustratedUser]

My taxes are probably as easy as yours.
I need my W2 and 1099. That's it, no loans, not married, no stocks.
Then you need a 1040EZ to file taxes if you do it yourself. I was lazy and went to H&R Block. 😱

 

[Kipper]

Originally posted by: FrustratedUser
My taxes are probably as easy as yours.
I need my W2 and 1099. That's it, no loans, not married, no stocks.
Then you need a 1040EZ to file taxes if you do it yourself. I was lazy and went to H&R Block. 😱

That's quite lazy...quite.

 

[FrustratedUser]

Originally posted by: MadCowDisease

Originally posted by: FrustratedUser
My taxes are probably as easy as yours.
I need my W2 and 1099. That's it, no loans, not married, no stocks.
Then you need a 1040EZ to file taxes if you do it yourself. I was lazy and went to H&R Block. 😱

That's quite lazy...quite.

LOL, true.
I did it because it was my first time filing taxes in the US and I was unsure of how it worked. The next time was pure laziness.