Elmer received the following distributions from Virginiana Mutual Fund for the calendar year 2016: Elsie, Elmer's wife, did not own any of the Virginiana Mutual Fund shares, but she did receive $1,475 in interest on a savings account at the Moss National Bank and $175 in interest on California Municipal Bonds. Elmer and Elsie filed a joint income tax return for 2016. What amount is reportable as taxable interest income?

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The Answer of Elmer received the following distributions from Virginiana Mutual Fund for the calendar year 2016: Elsie, Elmer's wife, did not own any of the Virginiana Mutual Fund shares, but she did receive $1,475 in interest on a savings account at the Moss National Bank and $175 in interest on California Municipal Bonds. Elmer and Elsie filed a joint income tax return for 2016. What amount is reportable as taxable interest income?

Elmer Received the Following Distributions from Virginiana Mutual Fund for the Calendar