Joint income tax return, Greenbacks Bank also gave Doug and

Joint income tax return

Assignment Help Accounting Basics

Reference no: EM13130026

Doug and Pattie received the following interest income in the current year:

Savings account at Greenbacks Bank - $4,000
United States Treasury bonds - $250
Interest on State of Virgina bonds - $200
Interest on Federal tax refund - $150
Interest on state income tax refund - $75

Greenbacks Bank also gave Doug and Pattie a cellular phone (worth $100) for opening the savings account. What amount of interest income should they report on their joint income tax return?

a. $4,775
b. $4,675
c. $4,575
d. $4,300
e. None of the above

Reference no: EM13130026

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