Basics Intermediate: Reporting Investment Income on Your Federal Tax Returns

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1.
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.
2.
If you experienced capital gains or losses, you should use Schedule D to report them at tax time.
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True. IRS Schedule D is used for this purpose.
3.
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.
4.
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.
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.