Does all interest have to be on tax form

sportsmom12February 16, 2004

I am doing my son's taxes via the phone. I am not sure how you answer one of the questions. He had $225 in interest from mutual funds. When it asks for interest earned do I put the whole 225- or are you allowed so much that you don't have to put down

thanks

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jlhug

Unfortunately, interest is all taxable unless it is from muni bonds or a similar investment.

    Bookmark   February 16, 2004 at 8:47PM
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kittiemom

He should have received a 1099, so just put down what's on it. This mutual fund interest would not be taxable if the money is in a qualified retirement plan. In that case, he would not have received a 1099.

    Bookmark   February 16, 2004 at 11:59PM
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