well it’s just a checking account that I have to pay interest on to maintain it…would it have to get reported ?
do banks report checking account balance / information to the irs? can any institution view the amount in it?
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Ray L
March 22, 2010 at 2:01 pm
Banks are required to report all interest bearing accounts for tax purposes. Non interest bearing accounts are not reported.
terribrooke
March 22, 2010 at 2:30 pm
If you make more than $10 in interest on the account, then it is reported to the IRS and you have to claim that on your taxes. If you withdrawal or deposit more than $10,000 in cash then the bank will report it to the IRS. Other than that, your information is not reported to the IRS.
Without a court order, no one can view any information pertaining to your bank account.