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How much should betty report as dividend income

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Question - Betty Jones files a return as a single taxpayer. Items of income received by Betty in 2011 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 from Better Auto Co. received on January 2, 2011: $875

The total dividends received on the life insurance policy do not exceed the aggregate of the premiums paid to the company.

(a) How much should Betty include in her 2011 taxable income as interest?

(b) How much should Betty report as dividend income for 2011?

(c) How much should Betty include in taxable "Other Income" for her state lottery winnings?

Reference no: EM131913753

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