How Are Taxes Handled With Yotta Winnings?

Ryan Scribner is an angel investor in Yotta. 

As you start using the Yotta app to save money and potentially win big prizes, it's important to understand how taxes are handled with Yotta.

Here's what you need to know.

Savings Rewards vs Interest Earned

First, it's important to note that Yotta offers "savings rewards" rather than traditional interest on the money you save in your account. This means that the money you earn through Yotta is technically not considered interest income.

• As a result, Yotta is not required to report your earnings to the IRS unless you earn over $600 in a year from savings rewards and prizes combined.
• If you earn less than $600 in a year from Yotta, you are responsible for reporting the income on your tax return.
• However, if you do earn over $600 in a year from Yotta, Yotta is required to report the income you earned to the IRS. In this case, you will receive a 1099 form from Yotta that you'll need to include on your tax return.

It's important to note that Yotta is not responsible for calculating or paying any taxes you owe on your earnings. It's up to you to accurately report your earnings and pay any taxes owed to the IRS.

To help you keep track of your earnings and ensure accurate reporting, Yotta provides a Tax Information section in the app. This section includes information about your earnings, as well as a summary of your Yotta activity for the year.

Be sure to read our full Yotta review here for more info!

This article was generated using automation technology, and thoroughly edited and fact-checked by an editor on our editorial staff.