A taxpayer filing as single has $25,600 of taxable income. Included in gross income is a 1099-int box 1 intrest income of $5,000, tax exempt intrest of $3,00 and interest on US saving bond of $1,200 additionally the taxpayer has a 1099-div wirth dividend income of 3,000 of which 2,000 is qualified dividends and capital gains distributions of $500 is the following statement accurte about this scenario? 1. the taxpayer will be taxed at 0% for $2,500 which includes the qualified dividends and capital gains distributions. 2. the taxable iinterest and dividend items should appear on Schedule B. 3. the interest on the U.S saving bonds may only be taxed on up to 85% of its value.
A taxpayer filing as single has $25,600 of taxable income. Included in gross income is a 1099-int box 1 intrest income of $5,000, tax exempt intrest of $3,00 and interest on US saving bond of $1,200 additionally the taxpayer has a 1099-div wirth dividend income of 3,000 of which 2,000 is qualified dividends and capital gains distributions of $500 is the following statement accurte about this scenario? 1. the taxpayer will be taxed at 0% for $2,500 which includes the qualified dividends and capital gains distributions. 2. the taxable iinterest and dividend items should appear on Schedule B. 3. the interest on the U.S saving bonds may only be taxed on up to 85% of its value.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
A taxpayer filing as single has $25,600 of taxable income. Included in gross income is a 1099-int box 1 intrest income of $5,000, tax exempt intrest of $3,00 and interest on US saving bond of $1,200
additionally the taxpayer has a 1099-div wirth dividend income of 3,000 of which 2,000 is qualified dividends and
is the following statement accurte about this scenario?
1. the taxpayer will be taxed at 0% for $2,500 which includes the qualified dividends and capital gains distributions.
2. the taxable iinterest and dividend items should appear on Schedule B.
3. the interest on the U.S saving bonds may only be taxed on up to 85% of its value.
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