Do I need to claim a bank account on my tax return if no money has been withdrawn?

by Anthony R. Deutsch, CPA | Feb 21, 2018
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Typically, I get a 1099-INT form that I use when filing my taxes. However, I did not withdraw any money from that account in 2017. Do I need to claim that account on my taxes if the account just sits there?

The bank will issue a 1099-INT for interest earned in the bank account or investment account when required. If you did not earn any interest in the account requiring the bank to issue the form 1099-INT, then there is no interest to report on your income tax return.

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Answered by: Anthony R. Deutsch, CPA, is a shareholder with Cocannon, Miller & Co. PC in Bethlehem, Pa.

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