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Interest Dividends and Other Income Summary

Below is the summary of what you learned in Chapter 5, Interest, Dividends and other income.

  • Report interest and/or dividend income over $1,500 on Schedule B of the form 1040.

     

  • Report early withdrawal penalties on line 30 of the form 1040.

     

  • Report capital gain distributions on line 13 of form 1040 if you are not required to file Schedule D.

     

  • State and local tax refunds are included in taxable income if you itemized deductions for the refund year and you received a tax benefit by including the state and local tax in itemized deductions.

     

  • Alimony and separate maintenance payments are taxable income to the recipient of these payments and reported on line 11 of form 1040.

     

  • Other income, such as:
    • prizes,
    • awards,
    • gambling winnings and
    • jury duty pay

is reported on line 21 of Form 1040; include the amount and a description of the income.


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