What You Owe in Taxes on Your HYSA Interest
By
Austin Smith
4h agoen
Source
24/7 Wall St.What You Owe in Taxes on Your HYSA Interest247wallst.comInterest earned in a high yield savings account is taxed as ordinary income at your federal marginal tax rate, owed for the year the bank credits the interest to your account, whether you withdraw the money or leave it sitting. Your bank reports the total on IRS Form 1099-INT, a copy goes to the IRS, ... What You Owe in Taxes on Your HYSA Interest
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