Betty jones files a return as a single taxpayer items of, Ask an Expert

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Betty Jones files a return as a single taxpayer. Items of income received by Betty in 2011 were as follows. Interest on savings account with Bank of America: $100 Interest on state income tax refund: $50 Gambling winnings: $4,800 Dividends from mutual life insurance company on life insurance policy: $1,000 Dividends from Better Auto Co. received on January 2, 2011: $875 The total dividends received on the life insurance policy do not exceed the aggregate of the premiums paid to the company

(a) How much should Betty include in her 2011 taxable income as interest?

(b) How much should Betty report as dividend income for 2011?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9956638

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