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.
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.
To itemize your tax deductions, use ______.
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Schedule A. This schedule is used for the separate listing of deductions.
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.
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.