Basics Intermediate: Reporting Investment Income on Your Federal Tax Returns

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1.
Interest you earned from bank accounts or other savings institutions is reported to you on IRS Form 1099-INT.
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True. "INT" refers to interest.
2.
The amount of money you make on an investment over your basis when the investment is sold is called _______.
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Capital gains. This amount is called capital gains.
3.
To determine which of your investment income is taxable, you would consult _______.
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Publication 550. Publication 550 describes income that is and is not subject to taxation.
4.
To itemize your tax deductions, use ______.
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Schedule A. This schedule is used for the separate listing of deductions.
5.
The revised 1040 form now includes how many schedules for recording additional information?
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3. The 1040 now includes a new set of three schedules on which you will record adjustments, credits, taxes, and other information.