How is interest income taxed if that is your only means of income? - interest only payment
I live in Illinois, and wondered how to be taxed as% increase in interest income when their only source of income.
Tuesday, January 12, 2010
Interest Only Payment How Is Interest Income Taxed If That Is Your Only Means Of Income?
4 comments:
It is as ordinary income, which means that for tax purposes of taxable income the same as if you are taxed at a job. So is the price on the entire income. If this is below the level where you agree to pay taxes on their family status must, then the taxes would have to pay on interest - more than that, then.
Interest is taxed as ordinary income at the federal level. You should check to deal with the authorities of the IL, such as interest income.
Shown on your federal tax return, as Annex B. If you expect to owe more than $ 1000 in taxes for the year and quarterly payments of estimated tax on Form 1040-ES. Most countries, with taxes have similar procedures. Check with your local tax office of the state or the website of your state standards.
Taxes as ordinary income.
Illinois taxes as ordinary income in the amount of 3% after the exemption of $ 2,000 per person.
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