George, an unmarried cash basis taxpayer, received the following amounts during 2012: What amount should George report as gross income from dividends and interest for 2012?

Question

George, an unmarried cash basis taxpayer, received the following amounts during 2012:  What amount should George report as gross income from dividends and interest for 2012?

Quizplus · Accepted Answer

To calculate George's gross income from dividends and interest, we add up the following:

- $3,000 in taxable interest from the bank account
- $1,200 in qualified dividends from the stock
- $300 in non-qualified dividends from the stock

Total: $4,500

George, an Unmarried Cash Basis Taxpayer, Received the Following Amounts