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Charles and Marcia are married cash-basis taxpayers. In Year 8, they had interest income as follows:
·$500 interest on federal income tax refund.
·$600 interest on state income tax refund.
·$800 interest on federal government obligations.
·$1,000 interest on state government obligations.
What amount of interest income is taxable on Charles and Marcia's Year 8 joint income tax return?
a. $500
b. $1,900
c. $1,100
d. $2,900
Answer:B
Choice "b" is correct. The $500 interest on federal income tax refund, the $600 interest on state income tax refund, and the $800 interest on federal government obligations are taxable, for a total of $1,900. The $1,000 interest on state government obligations is normally not taxable.
Choice "a" is incorrect. The $600 interest on state income tax refund and the $800 interest on federal government obligations is also taxable.
Choice "c" is incorrect. The $800 interest on federal government obligations is also taxable.
Choice "d" is incorrect. The $1,000 interest on state government obligations is normally not taxable.