ING @ Tax Time...

[sunkissed212]

How does claiming your interest from your ING savings account work at tax time? This will be my first time claiming it and I'm not sure how to do it. Will they send me a statement or do I need to download it from the internet?

I'd appreciate some input from someone who's done this before for an ING account. Thanks!

 

[Charade]

I believe they are required by law to send you an interest statement in the mail. You may be able to download one and print it out.

 

[Cheshire Figment]

Federal law requires that a 1099 INT be issued for any account where the interest is $10.00 or more. If it is less than $10.00 there is nothing to prevent them from reporting.

Note that the 1099 in an information return and does not get filed with your tax return; it is letrting you know what has been reported to IRS.

As long as you know how much interest they paid you during the year, that is the amount to report on your tax return; technically it should be reported even if the3y do not send you a 1099.

Mike, CPA (Retired)

 

[sunkissed212]

Thanks everyone...so, Mike...realistically, I don't even have to wait for a 1099? It shows on my account website the amount of interest I paid in 04 so I can just list that with the info on my taxes? I don't need to submit the actual form?

 

[Charade]

Thanks everyone...so, Mike...realistically, I don't even have to wait for a 1099? It shows on my account website the amount of interest I paid in 04 so I can just list that with the info on my taxes? I don't need to submit the actual form?

If you already know the amount, you can file now. You don't need to send the form in. It's only for your records.

 

[sunkissed212]

Oh, ok. I can't file yet because I don't have my W2 or my other account interest information but knowing that I don't have to wait for that form will be nice. Thanks!

 

[BethR]

I remember a few months ago enrolling at something with ING where we would get all of our tax information on-line. I just checked now on the ING site and it said that the tax information would be available on Wednesday, January 19.

I would imagine that we will download the 1099 from the website.

 

[minnie1928]

I believe they are required by law to send you an interest statement in the mail. You may be able to download one and print it out.

According to their site, they WILL NOT be mailing tax information. It's part of their cost cutting so that they can provide the fabulous interest rates. Even if they did mail them and you did not get one, you are still required to report the interest. Your receipt/non-receipt of a 1099 is irrelevant, you still have to report it.

 

[peacefulgirl]

This is from an email I got on Jan 11th, hope it helps:

Your December eStatement is ready! View it in the eStatements Tab of ingdirect.com.


Coming Soon…
Your Year-End Tax Forms!

We're working on your tax forms, no need to call to request them. If you earned more than $10 in interest and/or have an Orange Home Loan, you will be able to access your tax forms online at ingdirect.com by January 31, 2005. We won't be mailing them to you, and we will send you an email when they're ready, in plenty of time to prepare your tax return!

 

[CajunDixie]

Here's the info I found on the site

Your 2004 Tax Forms will be ready on Wednesday, January 19th.

You're already enrolled in e1st - good job! Being enrolled means you will access your 2004 Tax Form HERE as soon as they're ready (mid to end of January 2005). They won't be mailed to you. You'll get them quicker and safer than snail mail, and you'll help us save on postage and printing.

Will you receive 2004 Tax Forms?
Check out the info below to see what to expect.

You get a 1099 if you are...
The primary account holder of an Orange Savings Account(s) that earned more than $10.00 in interest in 2004 and/or The primary account holder of an Orange CD for more than 12 months - no matter the term - and the total interest earned during 2004 is more than $10.00

You get a 1098 if you are...
The primary account holder of an Orange Home Equity on which we assessed finance charges during 2004
and/or The primary account holder of an Orange Mortgage or you had one in 2004

For those of us that just opened our accounts this year and received the $25 (or more depending on the number of people you recruited) bonus; is that $25 considered interest?

 

[travelin' tigger]

Here's the info I found on the site


For those of us that just opened our accounts this year and received the $25 (or more depending on the number of people you recruited) bonus; is that $25 considered interest?

According to my Dec. statement the $25 is included in the interest.

 

[jcemom]

Silly question, maybe, but what about my kids' accounts? Do they have to file or do I add their interest to my return?

 

[travelin' tigger]

FYI - You can go to ING.com and get your 2004 tax statements.

Printed mine out this morning!!!

 

[BethR]

Silly question, maybe, but what about my kids' accounts? Do they have to file or do I add their interest to my return?

Your kids don't have to file unless they have earned more than a certain amount of unearned income. I don't remember what the amount is, but it is substantial. Maybe someone knows the exact figure.

And no, you don't have to add the kids' interest to your return.

 

[imamicki2]

And no, you don't have to add the kids' interest to your return.

May be a stupid question but....if my name is also on my kids' accounts , do I have to add their interest to my return? Wow, between me, my husband and my two kids, we got 130.98. (they do include your bonus money as interest earned)

 

[MommyBoo!]

Your kids don't have to file unless they have earned more than a certain amount of unearned income. I don't remember what the amount is, but it is substantial. Maybe someone knows the exact figure.

And no, you don't have to add the kids' interest to your return.

I believe the amount is $800.00.

 

[Savin4Disney]

The 70 in interest I earned changed my refund by 1.00. So I came out 69.00 ahead.

 

[Weluvdisny]

May be a stupid question but....if my name is also on my kids' accounts , do I have to add their interest to my return? Wow, between me, my husband and my two kids, we got 130.98. (they do include your bonus money as interest earned)

If your kids are listed first on the account and you are listed second, you are a non-tax owner and don't report the interest as income.

Only the person listed first has to claim the interest if they are filing.