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 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.
3.
Dividends reinvested to buy more securities are not taxable as ordinary income.
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False. Dividends reinvested to buy more securities are taxable as ordinary income (except in the case of tax-sheltered accounts).
4.
IRS Publication 590 covers _______.
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Individual retirement accounts. Publication 590 is your guide for IRA tax issues. It is divided into two versions -- 590a and 590b.
5.
To itemize your tax deductions, use ______.
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Schedule A. This schedule is used for the separate listing of deductions.