A taxpayer filing as Single has $25,600 of taxable income. Included in gross income is a 1099-INT with Box 1 interest income of $5,000, tax-exempt interest of $3,000, and interest on U.S. savings bonds of$1,200. Additionally, the taxpayer has a 1099-DIV with dividend income of $3,000, of which $2,000 is qualified dividends, and capital gains distributions of $500. Is the following statement accurate about this scenario? The total taxable interest and dividends on the federal tax return is $9,200.
A taxpayer filing as Single has $25,600 of taxable income. Included in gross income is a 1099-INT with Box 1 interest income of $5,000, tax-exempt interest of $3,000, and interest on U.S. savings bonds of$1,200. Additionally, the taxpayer has a 1099-DIV with dividend income of $3,000, of which $2,000 is qualified dividends, and capital gains distributions of $500. Is the following statement accurate about this scenario? The total taxable interest and dividends on the federal tax return is $9,200.
SWFT Essntl Tax Individ/Bus Entities 2020
23rd Edition
ISBN:9780357391266
Author:Nellen
Publisher:Nellen
Chapter16: Multijurisdictional Taxation
Section: Chapter Questions
Problem 1BCRQ
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Subject : Accounting
4- A taxpayer filing as Single has $25,600 of taxable income. Included in gross income is a 1099-INT with Box 1 interest income of $5,000, tax-exempt interest of $3,000, and interest on U.S. savings bonds of$1,200.
Additionally, the taxpayer has a 1099-DIV with dividend income of $3,000, of which $2,000 is qualified dividends, and
Is the following statement accurate about this scenario?
The total taxable interest and dividends on the federal tax return is $9,200.
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