What amount of interest income is taxable

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Reference no: EM13905741

Charles and Marcia are married cash-basis taxpayers. In Year 8, they had interest income as follows (Becker CPA Review Course):

$500 interest on federal income tax refund.

$600 interest on state income tax refund.

$800 interest on federal government obligations.

$1,000 interest on state government obligations.

What amount of interest income is taxable on Charles and Marcia's Year 8 joint income tax return?

$500

$1,100

$1,900

$2,900

Reference no: EM13905741

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