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IRS Pub. 17, Your Federal Income Tax

Introduction

This is archived information that pertains only to the 1998 Tax Year. If you
are looking for information for the current tax year, go to the Tax Prep Help Area.

This chapter discusses:

  • Different types of interest income,
  • What interest is taxable and what interest is nontaxable,
  • When to report interest income, and
  • How to report interest income on your tax return.

In general, any interest that you receive or that is credited to your account and can be withdrawn is taxable income. (It does not have to be entered in your passbook.) Exceptions to this rule are discussed later in this chapter.

As an important part of your records, you should keep a list showing sources and amounts of interest received during the year.

You may be able to deduct expenses you have in earning this income on Schedule A (Form 1040) if you itemize your deductions. See chapter 30.

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