Basics Intermediate: Reporting Investment Income on Your Federal Tax Returns

Test your knowledge

Choose wisely. There is only one correct answer to each question.

0%

Keep studying!

Get a certificate for this quiz
Enter your name to generate a certificate that you can save or print immediately. Optionally, add your email address to have a copy of the certificate emailed to you.

Review your answers below to learn more.

1.

The basic tax form for filing individual income taxes is the 1040.

Choose wisely. There is only one correct answer.

True

False

True. The basic tax form for filing individual income taxes is the 1040.

2.

If you earned income from dividends last year, you will need to fill out IRS Form 1099-R to report them.

Choose wisely. There is only one correct answer.

True

False

False. If you earned income from dividends last year, you will get Form 1099-DIV in the mail.

3.

To itemize your tax deductions, use ______.

Choose wisely. There is only one correct answer.

Schedule A

Schedule B

Schedule D

Schedule A. This schedule is used for the separate listing of deductions.

4.

The amount of taxable gain or loss on an asset is the difference between the amount you sell it for and its basis.

Choose wisely. There is only one correct answer.

True

False

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.

To determine which of your investment income is taxable, you would consult _______.

Choose wisely. There is only one correct answer.

Publication 525

Publication 550

Publication 590

Publication 550. Publication 550 describes income that is and is not subject to taxation.

© Copyright 2024 Precision Information, publisher of the Financial Fitness Group family of products. The trade name Financial Fitness Group and the trademarks Financial Fitness CENTER™, Financial Fitness CHECKUP™ and Financial Fitness ACADEMY™ are exclusive marks of Precision Information, LLC. All rights reserved.