Basics Intermediate: Reporting Investment Income on Your Federal Tax Returns

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1.
To itemize your tax deductions, use ______.
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Schedule A. This schedule is used for the separate listing of deductions.
2.
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.
3.
The amount of taxable gain or loss on an asset is the difference between the amount you sell it for and its basis.
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True. The amount of taxable gain or loss on an asset is the difference between the amount you sell it for and its basis.
4.
If your investment company reports undistributed capital gains, you will receive IRS form 4952.
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False. If your investment company reports undistributed capital gains, you will receive form 2439.
5.
You can receive helpful tax information directly from the IRS by reading IRS publications.
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True. Various IRS publications provide needed information that helps you fill out your forms and discern what is and is not taxable.