Tax Returns Flashcards
Line # for “Total Income”
Line 9
Line # for “Tax Exempt Interest”
Line 2a
Line # for “Taxable Interest”
Line 2b
Line # for “Qualified Dividends”
Line 3a
Line # for “Ordinary Dividends”
Line 3b
What makes a dividend Qualified vs Ordinary?
A dividend is considered to be qualified if you held the stock for more than 60 days in the 121-day period that began 60 days before the ex-dividend date. It is an ordinary dividend if you hold it for less than that amount of time.
Line # for “IRA Distributions”?
Line 4
Line # for “Pensions and Annuities”
Line 5
Line # for Social Security Benefits
Line 6
Line # for Total Income
Line 9
Line # for Adjusted Gross Income
Line 11
What is the difference between “Total Income” and “Adjusted Gross Income”?
Adjusted Gross Income is your total gross income minus specific deductions (detailed on Schedule 1, totaled on line 26 of Sch. 1). Additionally, Adjusted Gross Income is used by a taxpayer as the starting point for calculating taxes and determining your eligibility for certain tax credits and deductions to help lower your overall tax bill.
What is included on Schedule B?
Interest and Dividends
What is included in Schedule D?
Long-term and Short-term capital gains and losses
What is included on Schedule A?
Itemized Deductions
