Do I need to pay taxes on savings account?
822616
you have to claim the interest as earnings but \nif that's all you have for earnings it wouldn't be enough to bother even  filing as you wouldn't owe anything
170339
All money we receive is taxable if you find a way out of it let us all know. Peace out!!!
575785
Income is taxable.\n\nYou will receive paperwork along with your settlement (probably a 1099-Misc or similar) that will give you the info you need to determine how to handle the money, taxwise.\n\nGood Luck!
309989
You pay taxes on the interest you are paid by the bank, not on the money itself. If you have $1000 and get $20 in interest, you pay taxes on the $20. The tax on the $20 may be around $5, but you are still $15 ahead of where you would be if you put it in a safe box
907767
If you are just selling a few odds & ends - NO.\nIf you make a business of it or have a 'shop' then you need to pay taxes according the the laws of your country.
139122
There isn't specifically a "tax break" for a first time homeowner.  You do get to deduct your mortgage interest.  As far as moving, if you pass the checklist of questions, you should be able to deduct the specific items that the IRS will allow, i.e. mileage, and moving expenses if it was for your job.
101920
The answer above is not necessarily true, hardship withdrawals are still penalized, just no tax is withheld.  \n\nIn MOST cases, you will have to pay regular income tax and a 10% penalty.  Talk to a qualified tax planner.  By the way, this is federal law, not state.
1140325
To find the answer to this very important question, you should speak with a tax attorney very soon.  Since everyone's tax situation is completely different, only someone very involved with your personal finances should answer that question.
125150
If you are under 59 1/2, there is a 10% penalty and the amount that you take out will be taxed as ordinary income.  There are some exceptions; i.e. if you are using the money for health reasons or to purchase your first home.  Check out publication 590 on the IRS website (www.irs.gov) or consult a tax professional.
401525
No, as long as you don't sell, there is not a taxable moment.  So, you won't have to pay tax on any gains on your stockes until you actually sell them (or transfer them to another person).
908289
Doesn't sound like you sold them, so I don't beleive you'll have to pay ataxes.  The other good news is that once in your retirement account, you can sell them and pay no taxes.  Congrats.
1141202
no u can't u are subjected to pay taxes wherever u might go or which state u settle in. paying taxes is all part of assisting the government in rendering us services, so without taxes u wouldn't have the necessary help from the govern.
384050
If you take from your traditional you pay tax on it.  If you take from your Roth you do not.  This is why you would want your CPA to review your tax situation.  Maybe they will suggest a combination depending on your tax bracket and how close you are to the bracket.
492765
Eliminating the taxes on earnings created from savings account would encourage savings.
786806
It depends on your income and any savings you have.\n\nHere's a link to the government website that explains the rules and how to apply.
373263
Well, if you save for retirement, you should put your money in an IRA. This helps the economy, which is why you receive tax breaks for doing so. The money you put in the IRA gains interest for yourself, which is good, and can be used in the interim by banks to loan out to consumers, in which the banks make money by charging the interest back to the consumer who initiated the loan. If you are saving money by putting it into any type of bank account, whether it be a CD, saving account, whatever... you are helping the economy. Likewise, if you don't save and just spend, you are helping the economy. If you save your money in a mayo jar and bury it in the backyard, you are not helping the economy, or yourself.
700419
This one is tricky.\n\nIf you find some stuff in your attic and want to "get rid of it" and sell it on eBay, then you don't have to pay taxes on what you receive.\n\nIf you regularly troll through garage sales looking for "bargains" which you can resell on eBay at a profit, then you do have to pay taxes on what you receive.\n\nIf you are selling new items on eBay then you undoubtedly have to pay taxes. (The above two are assuming used items)\n\nDisclaimer #1: Consult a tax professional, this is not tax advice.\nDisclaimer #2: I work at eBay