Basics Intermediate: Reporting Investment Income on Your Federal Tax Returns

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1.
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.
2.
To itemize your tax deductions, use ______.
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Schedule A. This schedule is used for the separate listing of deductions.
3.
If you earned income from dividends last year, you will need to fill out IRS Form 1099-R to report them.
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False. If you earned income from dividends last year, you will get Form 1099-DIV in the mail.
4.
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.
5.
The basic tax form for filing individual income taxes is the 1040.
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True. The basic tax form for filing individual income taxes is the 1040.