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Dividends from mutual life insurance company

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Reference no: EM131755095

Betty Jones files a return as a single taxpayer. Items of income received by Betty in 2016 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 declared in 2015 from Better Auto Co. received on January 2, 2016: $875

(a) How much should Betty include in her 2016 taxable income as interest?

(b) How much should Betty report as dividend income for 2016?

(c) How much should Betty include in taxableother incomefor her state lottery winnings?

Reference no: EM131755095

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