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January 28, 2023
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If I have a personal savings account, does that count towards an interest investment?

  • January 28, 2023
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I have a small interest rate for the savings and I didn't know if this would count towards the investment income or not.
Best answer by bluedeb

You would claim the interest received on the account.  Savings accounts are not generally thought of as investments. However, they do earn money in the form of interest, and the IRS considers the interest on them to be taxable income, whether or not you keep the money in the account, transfer it to another account, or withdraw it.

1 reply

bluedeb
bluedebAnswer
Employee
January 28, 2023

You would claim the interest received on the account.  Savings accounts are not generally thought of as investments. However, they do earn money in the form of interest, and the IRS considers the interest on them to be taxable income, whether or not you keep the money in the account, transfer it to another account, or withdraw it.