How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask USTaxAdvising Your Own Question
USTaxAdvising
USTaxAdvising, Accountant
Category: Finance
Satisfied Customers: 1237
Experience:  Professional with finance related questions.
58296935
Type Your Finance Question Here...
USTaxAdvising is online now
A new question is answered every 9 seconds

In 2008 there was $45,000 interest earned stated on my parents

This answer was rated:

In 2008 there was $45,000 interest earned stated on my parent's tax return from various accounts he had.

I believe they were savings and checking accounts.

Approximately, how much money could that interest be earned from.

I've already been doing an estate law suit but I'm just curious about approximately how much savings he would have had then?

Thanks.

USTaxAdvising :

Hello

USTaxAdvising :

This is somewhat difficult to estimate but assuming your parents were invested in savings bonds, US Treasuries, or basic bank savings/money market funds the average rate for 2008 was approximately 2-2.5%.

USTaxAdvising :

using this as a baseline I would estimate the balances that would be required to earn 45K on 2-2.5% growth would be approximately 2,250,000 to 1,800,000.

USTaxAdvising :

But if they were invested in other items then this figure would be distorted.

USTaxAdvising :

They could have held personal loans or other items which would have generated a larger return (i.e. 7%)

USTaxAdvising :

Assuming a maximum rate of 10% then the amount would be about 450,000.

Customer:

Ok. Thanks. I appreciate that response. I'm just doing some investigating. Thank you again!

USTaxAdvising and other Finance Specialists are ready to help you

Related Finance Questions