Interest Dividends and Other Income Summary

Below is the summary of what you learned in Chapter 5, Interest, Dividends and other income.

• Report interest and/or dividend income over $1,500 on Schedule B of the form 1040.

• Report early withdrawal penalties on line 30 of the form 1040.

• Report capital gain distributions on line 13 of form 1040 if you are not required to file Schedule D.

• State and local tax refunds are included in taxable income if you itemized deductions for the refund year and you received a tax benefit by including the state and local tax in itemized deductions.

• Alimony and separate maintenance payments are taxable income to the recipient of these payments and reported on line 11 of form 1040.

• Other income, such as:
  • prizes,
  • awards,
  • gambling winnings and
  • jury duty pay

is reported on line 21 of Form 1040; include the amount and a description of the income.