Sansa opened a savings account in 2020 anddeposited $8,000. She received $200 ofinterest on the account in 2021, but did notwithdraw the money. What year does Sansainclude the interest income on her tax return?a. Interest income is never taxable.b. 2020, the year she deposited the money.c. 2021, the year she earned the interest.d. She does not pay tax on the interest until shewithdraws the money.

As per Income Tax laws If interest earned upto 10,000 from saving bank account than you can claim…

Answered: withdraw the money. What year does…

Business

Accounting

withdraw the money. What year does Sansa include the interest income on her tax return?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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