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.