Any interest or dividends can be taxable income if it is credited to the taxpayer’s account and able to be withdrawn. This course will cover the exceptions to this rule and show which interest and dividends are not taxable income and what expenses can be deducted on the taxpayer’s Schedule A if the taxpayer itemizes.
At the end of this course, the student will be able to do the following:
- Identify the different types of interest income.
- Recognize which tax forms report interest income.
- Know the difference between Form 1099-INT and Form 1099-DIV.
- List which dividends are reported as interest.
- Understand when Schedule B is required to be filed with the tax return.
Field of Study: Federal Tax Law 2 Hours
Course Level: Intermediate
Prerequisite: General tax preparation knowledge is required
Delivery Method: Self-Study
Expiration Date to earn CEs: June 30, 2022.
IRS CE: 15G0B-T-00475-20-S