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A taxpayer is reporting $1,789 of taxable interest for the year from a savings account that they are invested in. Which of the following statements
A taxpayer is reporting $1,789 of taxable interest for the year from a savings account that they are invested in. Which of the following statements best reflects the treatment of this income? Select one: a. The taxpayer would report the interest on a Schedule B. b. The Interest is included in wages once it exceeds $1,500. c. The interest would be a simple line entry on the "Taxable Interest" section of the Form 1040. d. The taxpayer would only need to report the interest in the case that the amount received exceeded basis. Clear my choice
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