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$600 - Still confused

Posted: Oct 13th, 2021 - 10:48 am In Reply to: This govt is out of control. They want to snoop on your - bank account. With the price of

The IRS probably already knows how much money we have in the bank. Interest earned on savings is already reported and taxed and you will owe back taxes if you don’t claim it and get audited. It would not be hard to find out how much a person pays for utilities, even without government snooping. It was my understanding that the $600 rule applies to people who are making money under the table and trying to hide it, not to living expenses. You could ask your electric company to average out your bill so you don’t have to pay so much at once.

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