I received a interest income form my bank.... and i had received checks from a company i worked for the accounted gave the amount when i do my taxes what would this fall under Dividend income or Interest income?
2007-01-31 06:29:19 · 4 answers · asked by Just ME 2 in Business & Finance ➔ Taxes ➔ United States
Honestly, it would benefit you to seek the advice of a Tax Expert. There are many types of Interest Income. Dividend income is receiving payouts from Stocks, Bonds, CD's etc...
good luck & blessing
2007-01-31 07:02:23 · answer #1 · answered by Wood Smoke ~ Free2Bme! 6 · 0⤊ 0⤋
If the 1099 is a 1099-INT, it's interest. If it is a 1099-DIV, it's a dividend. If it's a 1099-MISC, that's miscellaneous income and NOT interest or a dividend. It is reported as other income
2007-01-31 06:37:52 · answer #2 · answered by Dizney 5 · 2⤊ 0⤋
Interest from a bank is interest income. Money you get from stocks is dividend income. Money you work for is earned income.
2007-01-31 06:32:49 · answer #3 · answered by Sunny_1_ 3 · 3⤊ 0⤋
You can *usually* tell by which form was sent to your 1099-INT for interest and 1099-DIV for dividends and W-2 for wages.
There are some special circumstances and sometimes the company who sent you the form just plain got it wrong.
Here is a detailed article that explains all the ins and outs. http://www.internet-taxprep.com/plindex.asp?welcome=WU9900641&page=taxguide/text/c60s10d444.asp
2007-01-31 06:48:28 · answer #4 · answered by crgrier 4 · 1⤊ 0⤋