ING Direct Question?

[BJay]

I open a savings account with ing to get the 20 dollar bonus,ing sent me some kind of tax form through email,i just ignored the email will it affect me in any kind of way?

[sweeps]

You're supposed to pay taxes on any bank interest or bonuses you receive. It's possible the IRS will send a letter to you asking about the discrepancy. More likely, the IRS won't bother.

[LuxLiving]

BJay if you earned a small amount of interest no big deal. It rather depends on how much you have on deposit there and the amount of interest paid to the account. If you've got a large account then yes, the IRS could conceivably contact you and want their share! Don't they always? If it's a tiny account I wouldn't bother going back to amend my taxes, but next year you ought to include any interest earned on your Federal Income Tax return.

[BJay]

thanks guys,one more question will not paying that tax on that 25 dollars hurt my chances of getting my stimulus payment?

[LuxLiving]

VERY Doubtful!! You should receive it just fine.

[moneybags]

Originally Posted by sweeps

You're supposed to pay taxes on any bank interest or bonuses you receive. It's possible the IRS will send a letter to you asking about the discrepancy. More likely, the IRS won't bother.

I'm not so sure about that. With the automation of this info, the IRS can spit out notices for these discrepancies with a click of a button. They are becoming savier & stricter in regards to this info.

[StanFatherof3]

To avoid any issues with this next year, you might want to make a note to yourself to look for the form from ING next year. That way you won't forget and file your taxes without it again.