Do I need to report bank interest income on EDD certification? Confused about requirements

Yes, you do need to report bank interest as income! I learned this the hard way when I got audited last year. EDD considers ANY income reportable, including interest from savings accounts, stock dividends, even cash gifts sometimes. I was receiving about $90/month in interest and didn't report it. Ended up with a $1,200 overpayment notice plus penalties. Use the "other income" section on your biweekly certification to report it. Better safe than sorry!

idk i never reported my interest because its like 2 bucks a month lol. nobody ever said anything to me about it

wait isn't bank interest like passive income? I thought we only had to report WORK income... this is confusing

Let me clarify this according to EDD policy: Yes, bank interest IS considered reportable income for unemployment certification purposes. When you certify for benefits, you must report ALL forms of income including: - Wages from work - Self-employment income - Pension payments - Bank interest and dividends - Rental income - One-time payments like bonuses or settlements Since your interest income is around $75 monthly, you should divide this by the number of weeks in the month (approximately $17-18 per week) and report it for each week you certify. You can enter this under "Other type of income" on your certification form. Keep in mind that depending on your weekly benefit amount, this level of additional income might not reduce your benefits significantly or at all. But failing to report it could result in overpayment notices and potential penalties later if they discover it during an audit or income verification.

I've been dealing with this exact issue! I have about $30k in savings (emergency fund) and the interest is around $120/month now. I've been reporting it as other income and breaking it down by week. It's annoying but my EDD rep told me it's required. BTW my benefits didn't actually get reduced because the weekly amount was small enough to fall under some threshold they use. So you might not see any reduction in your payment, but you still legally need to report it.

I just divide by 4 to keep it simple - so for $120 monthly interest, I report $30 per week. My bank actually shows the interest earned daily so sometimes I'll add up the exact amount for each week, but honestly the EDD rep told me a reasonable estimate is fine as long as you're making a good faith effort to report accurately. Just don't skip reporting it entirely.

If you're struggling to get through to EDD to ask questions like this, I recommend trying Claimyr. Saved me hours of frustration when I had questions about reporting my side gig income. They connect you directly with an EDD rep instead of dealing with busy signals and disconnects. Check out their demo at https://youtu.be/JmuwXR7HA10?si=TSwYbu_GOwYzt9km or go to claimyr.com - way easier than spending all day redialing.

Definitely worked for me. I was connected to an EDD agent in about 20 minutes after trying for days on my own. They helped me sort out my reporting questions and fixed an issue with my certification that was holding up my payments.

To summarize for anyone finding this thread later: 1. Yes, bank interest IS reportable income for EDD certifications 2. Report it under "Other income" on your bi-weekly certification 3. Calculate weekly amounts by dividing your monthly interest by 4 (or 4.3 for more precision) 4. Small amounts of additional income may not reduce your benefits but must still be reported 5. Failing to report could result in overpayment notices, penalties, or even fraud allegations Keeping accurate records of all income while on unemployment benefits is essential. Be sure to report everything, even if you think it's too small to matter.

I went through something similar when I first started collecting benefits. Had about $8,000 in savings earning around $40/month in interest. I was nervous about reporting it too, but I called EDD directly and they confirmed that ALL income needs to be reported, including interest from savings accounts, CDs, money market accounts, etc. The good news is that for most people, small amounts of interest income won't actually reduce your weekly benefit amount due to how they calculate the earnings deduction. There's typically a small earnings disregard amount before they start reducing benefits. But you absolutely must report it to avoid potential overpayment issues down the road. I've been reporting mine for 6 months now with no problems. Just divide your monthly interest by 4 and report that weekly amount under "other income" when you certify. Keep good records of your bank statements showing the interest earned in case they ever ask for documentation.

Just wanted to add my experience as someone who's been on unemployment for about 4 months now. I have a similar situation with around $20k in savings earning about $85/month in interest. I was initially confused about this too, but after reading through all the EDD documentation and calling them directly, I can confirm that bank interest absolutely needs to be reported. What I do is track my interest earnings weekly (my bank shows daily interest posting) and report the exact amount for each certification period. Some weeks it's $19, other weeks it's $22 depending on the number of days. The key thing I learned is that EDD wants you to report income for the specific week you're certifying for, not just estimate monthly amounts. My weekly benefit amount is $425 and the interest income has never reduced my payment because it falls under the earnings threshold. But like everyone else said, you MUST report it. I keep screenshots of my online banking showing the daily interest postings just in case I ever need to provide documentation. Don't stress too much about it - just be honest and report everything. The EDD system is set up to handle small amounts of passive income like this.

I'm new to unemployment benefits and this thread has been incredibly helpful! I just got laid off from my marketing job two weeks ago and I'm about to file my first certification. I have about $12,000 in a savings account that earns around $50-60 per month in interest, so this is exactly the situation I was worried about. Reading through everyone's experiences, it's clear that I need to report this interest income even though it seems like such a small amount. I was initially thinking "it's just interest, not wages" but now I understand that EDD considers ALL income reportable. I definitely don't want to risk getting hit with overpayment notices or penalties later. I'm going to follow the advice here and divide my monthly interest by 4 to get a weekly estimate, then report it under "other income" on my certification. I'll also start keeping detailed records of my bank statements showing the interest earned. Better to be transparent from the start than deal with complications down the road. Thanks everyone for sharing your experiences - this community is a lifesaver for navigating the confusing EDD system!

I'm dealing with this exact same situation right now! I have about $18,000 in a high-yield savings account earning roughly $80 per month in interest. I've been on unemployment for about 3 weeks and have been reporting it each time I certify. What I do is check my bank account for the exact interest earned during each certification week and report that specific amount under "other income." Some weeks it's $18, other weeks it's $20 depending on how many days are in that period. My weekly benefit amount is $380 and so far the interest hasn't reduced my payments at all. I was really nervous about it at first too, but after reading the EDD guidelines and talking to a representative, it's definitely required to report ALL income including interest, dividends, rental income, etc. The rep told me that even small amounts need to be reported because it's about being compliant with the law, not just whether it affects your benefit amount. My advice is to just report it accurately and keep good records. I take screenshots of my banking app showing the daily interest postings for each week I certify, just in case I ever need proof. It's become routine now and honestly gives me peace of mind knowing I'm doing everything correctly. Better safe than sorry with EDD!

I'm actually an EDD caseworker and wanted to clear up some confusion I'm seeing in this thread. Yes, bank interest IS absolutely reportable income - this is correct. However, I want to clarify a few things: 1. You report income for the week it was RECEIVED, not when it was earned. So if your bank posts interest monthly, you'd report the full monthly amount during the week it was actually deposited to your account. 2. There IS an earnings disregard of $25 OR 25% of your weekly benefit amount (whichever is greater) before we start reducing benefits. So small amounts of interest often won't affect your payment, but you still must report it. 3. Keep documentation! Bank statements showing when interest was posted are perfect. We don't audit everyone, but when we do, we need to see that dates and amounts match what you reported. The penalties for unreported income can be severe - not just overpayment recovery, but potential disqualification from benefits. Always err on the side of reporting too much rather than too little. If you're ever unsure about whether something counts as income, report it and let us make the determination.