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.
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.
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.