What percentage of the income from investment interest is taken in taxes?
Say you earn $ 10,000 in interest in a year from investments or savings. How much does the gov't take in tax?
Thanks patrick, that helps. So then your income from intrest is counted as any earned income and therefore added to your adjusted gross income to determine the bracket you fall within?
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Answer by patrickmcc55
Interest is taxed at your regular tax rate. If you are in the 32% bracket, then you will pay 32% on interest income.
Try dividend on blue chip stocks next year. The first 80% of the dividend is tax free.
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