If I made $300 in interest this year let’s say – does the government take as much from that as they would my paycheck? Is it even worth saving to gain interest?
Is Putting Money In A Savings Account/cd’s Even Worth It? How Much Does The Government Take From It?
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You’re not losing any of your savings so what’s the problem? The government only taxes you on the interest you made, so if you made $300 in interest just remember you’re only bringing half of it home. It’s better than putting your money in a no-interest account and not earning anything.