If you earned at least $1 from a savings account in the last year you'll need to report that amount on your federal taxes.

Millions of taxpayers face paying more income tax due to frozen tax allowances. We explain how income tax is calculated.

2025 For those earning from £50,00- up to £125,000, there's a £500 allowance, he explains, so at a rule of thumb, those people can have around £10,000 in a high interest account before they need to ...

You will probably have a Personal Savings Allowance, which is a special amount you can earn each ... 10,000 in a high interest account before they need to think about paying tax on savings interest.