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taxpayer receives two interest payments during the year. One is for $500 from a savings account and is reported in their name. The other payment
taxpayer receives two interest payments during the year. One is for $500 from a savings account and is reported in their name. The other payment is for $2,000 and belongs technically to someone other than the taxpayer. Which statement best reflects what needs to be done? Select one: a. The taxpayer has $2,500 of taxable interest to report on Schedule B. b. The taxpayer has $500 of interest to report direct on the tax return and disregards the $2,000 payment assuming they give it straight to the other person within sixty (60) days. c. The taxpayer must paper-file the return and request a case resolution. d. The taxpayer has $500 of taxable interest to report, and $2,000 of non-taxable interest marked as a nominee distribution on their personal return
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