Bank Interest income on 1099 INT is taxable at state level [Archive]

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MKV

Mar 28, 2008, 03:37 PM

Hi,

I have received interest on my deposits in bank. I have got 1099 INT for the same from the bank. Federal income has been withheld on some of the amount.

Do I need to pay Georgia State taxes on interest earned on the bank deposits?

Thanks
MKV

MukatA

Mar 30, 2008, 05:53 AM

You must file federal income tax return if you total income meets the filing requirement.
Same for Georgia state.

ebaines

Mar 31, 2008, 09:34 AM

Since you report your federal adjusted gross income on your GA tax return, any interest you received (as reported on a 1099-INT) is included as income for both your federal and state income taxes.