#Good news! The IRS has extended the tax deadline to April 18th! As long as you submit your federal return by midnight on 4/18/2018, you won't be considered a late filer for your federal return. Direct debit tax payments that are submitted with your federal return (or on the IRS website) by 4/18 are also considered timely filed ×

Why is my interest income subject to taxes?

Generally, if you earn interest income on an account that you can use or withdraw from at any time without paying a penalty, then the interest income is taxable. You would need to include the interest income on your tax return.

Go to this section in Credit Karma Tax: 1099-INT Income

If the total amount of taxable interest income you received during the tax year is more than $1,500 then you must complete Form 1040, Schedule B.

For examples from the IRS of taxable interest and nontaxable or excludable interest, see here.

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