I have an interest rate income from the saving account. Do I need to pay taxes?

Yes, interest income earned from a savings account is generally considered taxable in the U.S. You must report this income on your tax return, and it may be subject to federal and State income taxes.If you earn more than $10.00 in interest from a financial institution in a year, they are required to send you a Form 1099-INT, which details the interest earned. You will use this informatio