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3 Cards in this Set
- Front
- Back
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Gross income
C. Dividend I n come |
*All Dividends represent distribution ------ Taxable event.
*TAX-FREE distribution (divid): (1) Return of Capital (2) Stock Split (3) Stock Dividend (unless cash or other property option/taxable FMV) (4) Life Insurance Dividend *CAPITAL GAIN distribution (divid) ----- TAXABLE ( sell or buy stock. |
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Gross income
D. STATE and LOCAL tax refunds ( GR. FREE ). |
STATE and LOCAL tax refunds---------------- is generally NON-TAXABLE or FREE.
but if 1 . Itemized or non-taxed (in prior year) ------ TAXABLE (this year). 2 .Standard deduction used(not using the benefit of itemization ) or taxed (in prior year) ------ NON-TAXABLE or FREE (this year) |
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Gross income
E. Payments Pursuant to a Divorce |
1 . Alimony/Spousal Support (income) -------taxable
2. Child Support ----------------------------Non-taxable 3. Property Settlements at FMV ------ Non-taxable |
