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Does all interest have to be on tax form

Posted by sportsmom12 (My Page) on
Mon, Feb 16, 04 at 17:20

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


Follow-Up Postings:

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RE: Does all interest have to be on tax form

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


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RE: Does all interest have to be on tax form

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.


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