Tax Stories
Posted on 28 March 2006
Just the other day, I heard the following story: A young guy is having his taxes prepared. While the tax professional was preparing his taxes and going through the forms, he notices a 1099INT from a bank. When he gets ready to report the interest, the gentlemen said that he needed to talk to the bank about the form because he never saw the money. Basically, the bank form was reporting the interest earned from a CD that had matured. The taxpayer renewed the CD with the interest. He thought that he didn’t have to pay taxes on it since he never touched the money. Wouldn’t that be nice!
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