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What is the actual percentage Tax for Treasury Bills for people making under 100K?
January 31, 2024 at
04:49 PM
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I know that your income tax bracket determines how much you are taxed on Savings Account interest. For example, in 2024, if you make between $47,151 and $100,525, your federal tax rate is 22%. So if you earn $100 in interest on a savings account, you'll have to pay $22 in interest taxes.
I also know that Treasury Bills are not taxed on a state level, but what is the actual percentage tax on the federal level if you are making less than 100K?
I also know that Treasury Bills are not taxed on a state level, but what is the actual percentage tax on the federal level if you are making less than 100K?
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I also know that Treasury Bills are not taxed on a state level, but what is the actual percentage tax on the federal level if you are making less than 100K?
For states that have an income tax, you're correct that such interest is exempt. That can be significant in high tax rate states.
Of course, I'm assuming that when you say "less than 100K", you're really meaning between $47,151 and $100,525. If you instead meant something really low such as $8,000, you'd likely have little or no taxable income so the rate could be zero (i.e., less than the standard deduction).