Interest Making Savings Accounts

[sunday46]

12-2-2023

Hello Community! As most of us prepare to celebrate Holidays for the next months, 

don’t forget to do something Nice for yourself!
Let me share something that I didn’t know. At my Bank I transferred one Account 

to a Performance Interest Account. Yes, the interest is there at the end of the 

month when you have a large amount in your Account. Yes, the Interest is great

and I questioned a 1099 that I received. After retiring and saving my money in the

Account I am TAXED on money that I was already TAXED on while working? I was 

baffled since I already paid taxes . Now this is a Savings Account. A little interest

is made on the Checking Account, but much more on a Savings. 
Just sharing with my Community. If you have experienced being Taxed on your

Savings Account  how much were you taxed at the end of the year? Thinking 

about not depositing so much into this Account? What would you suggest?

Enjoy The Seasons!

[GailL1]

WHAT ???!!!???

You aren’t taxed on the money that you put into a savings account - you are only taxed on the interest you receive from having this money work for you - the INTEREST IS NEW MONEY.