Do I need to claim a bank account on my tax return if no money has been withdrawn?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

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.

The responses are based on the limited information provided by the questioner and apply the laws and regulations at the time of posting. Other options could arise as rules and regulations may change over time, including but not limited to the passage of the Tax Cuts and Jobs Act of 2017. They are intended to provide general information, not specific accounting or tax advice; they are not intended or written to be used and cannot be used for the purpose of avoiding or evading taxes or penalties under the IRS code or regulations. Views expressed do not imply an opinion of the PICPA, its officers, directors, employees, or members.
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