Ask Question
28 November, 16:10

Uriah received the following interest payments:Interest of $400 on an overpayment of a previous year's Federal income taxesInterest of $300 on an award received for money lost due to fraud by his previous investment advisorInterest of $1,500 on municipal bondsInterest of $1,000 on US savings bonds. What amount, if any, should Uriah report as taxable interest income?

+3
Answers (1)
  1. 28 November, 16:33
    0
    C) $1,700

    Explanation:

    Uriah should report as taxable income the interest received from the overpayment of federal income taxes ($400) + the money awarded to him in a lawsuit against his previous investment advisor ($300) + interests on US savings bonds ($1,000) = $1,700

    Interest gained on municipal bonds isn't included in his income taxes and only injury settlements are not included in gross income.
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “Uriah received the following interest payments:Interest of $400 on an overpayment of a previous year's Federal income taxesInterest of $300 ...” in 📗 Business if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers