Basics Intermediate: Reporting Investment Income on Your Federal Tax Returns

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1.
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.
2.
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.
3.
Rental property is a form of supplemental income.
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True. Rental property is a form of supplemental income.
4.
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.
5.
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.