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I have CD's at many banks and one is always maturing every other
month . Should I just rely on the 1099 to know how much tax I owe, or
do you make a record of each one in a notebook and tally that up? It
seems managing even a small amount of money is a job in itself!
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On Oct 29, 12:55 pm, n...@m...net wrote:
> I have CD's at many banks and one is always maturing every other
> month . Should I just rely on the 1099 to know how much tax I owe, or
> do you make a record of each one in a notebook and tally that up? It
> seems managing even a small amount of money is a job in itself!
>
I'm sure you have to pay the tax if you owe it. I've always received
1099s for my CD's so I'm not sure where you have a problem. Have you
moved? Have interest reported on Schedule K-1? I usually ball park
my expected interest and so far my 1099s seem to agree. irs.gov is
actually pretty good. Start at publication 550:
http://www.irs.gov/pub/irs-pdf/p550.pdf
Good Luck with your taxes!
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Misc.invest.financial-plan is a moderated newsgroup where Moderators strive
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guidelines include a request for brevity and another for trimming posts to
which we respond. For all of the other tips and suggestions, see "FROM THE
MODERATORS: Posting to misc.invest.financial-plan", a weekly post now on the
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