From: utzoo!decvax!harpo!eagle!karn
Newsgroups: net.taxes
Title: Avoiding Interest Withholding
Article-I.D.: eagle.768
Posted: Tue Feb  8 02:26:28 1983
Received: Thu Feb 10 06:31:18 1983

I heard one suggestion this evening as to how you can avoid having your
interest earnings withheld.

I don't remember the provisions of the law, but I believe that the
institution isn't required to withhold until cumulative interest reaches
$150 (?) or more.  The solution therefore is to simply spread your savings
around to enough accounts and/or institutions to make sure your yearly
interest in each doesn't exceed $150.  I will probably be doing this with
my money market account anyway, since I have felt I have too much in
one place - most have relatively modest minimum balance requirements
once you open them.

Let's all hear it for government-inspired efficiency.  (Or are they
trying to boost business for the Post Office?)

Phil