do banks report checking account balance / information to the irs? can any institution view the amount in it?

Question

Update:

well it's just a checking account that I have to pay interest on to maintain it...would it have to get reported ?

Answer 1

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If you make more than $10 in interest on the account, then it is reported to the IRS and you have to claim that on your taxes. If you withdrawal or deposit more than $10,000 in cash then the bank will report it to the IRS. Other than that, your information is not reported to the IRS.

Without a court order, no one can view any information pertaining to your bank account.

Source(s): bank teller

Answer 2

Banks are required to report all interest bearing accounts for tax purposes. Non interest bearing accounts are not reported.