need cpa advice?

Question

scenario: i have non-taxable income from a structured settlement due to the loss of my mom due to a hospitals mistake which included monthly payments and lump sums every 5 yrs. I put some of my money in a cd account that earned 118 bucks in interest. Do i have to report this and if so do i report my non taxable income as well? pleease give me detailed info, the more the better.

Answer 1

Yes, that $118 is reportable. You should receive a 1090 for that. Yes, you should report your non-taxable income as well.