Paying Taxes?

Question

If You Have A Bank Account And You Got Money In The Bank, But You Don't Have A Job, Do You Have To Back Taxes When It's Tax Time??

Answer 1

Probably not.  You owe tax on the income you make during the year, not the assets that you possess.  So your only income sounds like interest and dividends.  Unless you have a ton of those or other income, you don't need to file.

Answer 2

That depends on what your total income was for the prior year.

Answer 3

If you have lots of money in the bank and you earn lots of interest on that money - then yes you do have to pay taxes at tax time.  You will get a 1099-int stating the amount of interest that you have to claim on your taxes.

If you only earn $100 for the year, then, no - you will not have to pay taxes if that is your only income.