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CD interest is taxable income
originally posted: 11/22/2006
reposted: 2/18/2011 This post has not been recently
reviewed or revised by the author and may be out of date. If you notice an error or are in doubt, please send a new question by email or ask for an update. Email asktony@tonynovak.com.
Q:
I am a first time investor and currently have a $3,000 CD that is about to mature. The interest earned for the year is only $120 or so. Do I have to claim this interest on my tax return or am I under the limit. Is there a minimum limit? If so what is it? Thank you for your time, your help is greatly appreciated.
A:
Yes, all interest is taxable income regardless of the amount.
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