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Form 8621 Increase in Tax and Interest Calculations

Form 8621 Increase in Tax and Interest Calculations

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Video instructions and help with filling out and completing Form 8621 Increase In Tax And Interest Calculations

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Instructions and help about Form 8621 Increase In Tax And Interest Calculations

[Music] hi i'm the tax geek and here are more of your taxes oversimplified in this video we're going to take a look at interest how it's taxed and how it's reported on your tax return you received interest when someone uses your money over a period of time you primarily receive interest when you have an interest bearing account at a bank own bonds issued by a corporation or government entity or you lend money to someone if you have an interest bearing account at a mutual savings bank the interest you receive on the account is sometimes referred to as dividends whatever the bank calls it what they're paying you is interest and is treated that way on your tax return you may also receive taxable interest from a life insurance company or even from the government itself if it pays your tax refund late andrews becomes taxable to you when the bank or other financial institution credits it to your account and you have unrestricted use of it interest on u

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