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Karim and Rashida Sultan are filing a joint federal return. They have the following investment income:

Wells Fargo Bank CD, $720
Series HH bond interest, $521
Port of San Francisco, California, bond interest, $375
City of Bend, Oregon, bond interest, $64
Oak Farms dividends, $826
Craft Inc. dividends, $597
Frankfort Mutual Fund dividends, $283
Credit Union dividends, $232
Blake Harrison, private contract interest, $1,263


What is the amount of total taxable dividends reported on Schedule B?

Respuesta :

michell96

The total taxable dividends for Karim and Rashida are $1938 if they are filing a joint federal return.

The purpose of a Federal tax return is to report one's:

  • Income
  • Expenses
  • Dividents
  • Among others

In the case of dividends, these refer to the money received as a result of investing in a company or the money you receive every year for being a shareholder. This money is reported as part of the Federal tax return because it is part of your income.

In the case of Karim and Rashida, the total of dividends can be calculated by adding the value of each of the individual dividends:

  • Oak Farms = $826
  • Craft Inc. dividends = $597
  • Frankfort Mutual Fund = $283
  • Credit Union = $232

$826 + $597+ $283+ $232 = $1938

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