Do I have to pay tax if my only income is bank interest?

Question

If I have no job and I'm just earning money from bank interest on my savings account - say around $12K-14K a year - do I have to pay taxes, social security, and so forth on that? If it matters I am married with no kids. And does it make a difference if this interest is earned in a foreign country (I'm a US citizen but I would be living abroad)?

Answer 1

Social Security - No

Federal Income Taxes - Yes, regardless of where the income is earned and where you live.  US Citizens are required to report worldwide income.