Question betty jones files a return as a single taxpayer

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Reference no: EM13349349

Question :

Betty Jones files a return as a single taxpayer. Items of income received by Betty in 2011 were as given.

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

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

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

Reference no: EM13349349

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