Could someone answer a few questions regarding the US Open?

TAX questions regarding banking interest paid...?

• Hi, I currently do not work, the only income I get is 'interest' paid to my 6 month CD account. I shouldn't say 'income' because I don't plan to withdraw the money (just leave it in there). But I have two questions regarding taxes and I need some help: Question 1: How does one file for taxes in situations like this? I mean, the only thing I can report is the $240 earned...that's all I have for the year (or is it YTD income?). Can I do this with the1040EZ form instead -- rather than paying a tax guy to do the job and end up with negative cash flow? Question 2: If I transfered the account into someone else's name, do I have to pay taxes on the $240 earned -- even though the money isn't a withdraw? I am asking all this because my bank (Washington Mutual) doesn't seem to know how to answer any of these questions...and my "soon to be fired" tax guy never answer calls nor return messages and is nowhere to be found except in the months of Feb-Apr. Please help!

• Answer:

  Try posting this on the US site.