Any Tax Experts Here? How About Anybody know A Little About Taxes?

tax forms - a guy looking at tax papers trying to figure them out with papers spread around him
@devideddi (1436)
United States
February 6, 2007 4:56pm CST
Maybe even anyone just have a dictionary... I am filling out a tax form and I'm not sure about this one part. First it asks for interest income earned... thats like if you have money in an account that is drawing interest right. Well nest question is...dividend internist earned. So what are they asking for there? They both have to do with savings and investments. And wouldn't 401k's be in that category? Some one help me make sure I put the right thing please.
1 person likes this
3 responses
• United States
6 Feb 07
This is referring to interest bearing savings accounts, and things like Money market investments that earn interest enough to affect your income. Unless you have higher yeild accounts that aare generating serious income, I wouldn't worry about these things. I would highly recommend using HR Block's online filing system for doing your taxes. It's almost completely fool-proof and is an electronic method that will get you your refund in around 8 to 10 days.
1 person likes this
@msqtech (15226)
• United States
16 Feb 07
I used turbotax before it got to hard to understand when I remarried and have the AMT and Roth income limits to worry about
@cassidy22 (2975)
• United States
16 Feb 07
interest income is INDEED interest earned on a savings or checking account (if you checking account has interest) YOU SHOULD GET A 1099-INT form from your bank t report this Dividend Interest is income earned if you have funds like stocks or mutual funds adn you received a DIVIDEND from these funds payed out to you. If you have your dividends invested BACK into the account, you did NOT receive the dividend as income. You should get a 1099-DIV form to report this. 401(k)s are ONLY reported for how much money was removed before or after taxes (r both) from your paycheck. This data should be on the tax forms your COMPANY sends you for your pay for the year. you do NOT REPORT THE GAINS on 401(k)s or IRAs from year to year - because that money is NOT YET in your hands. YOu will report on IRAs or other investment accounts IF YOU TAKE MONEY OUT OF THEM - if you pull a loan from them, you must report it, and if you are at the age when you take payouts, you report it. If it s just an account waiting for you to retire, there isn't much to report. If there was, the institution maintaining those accounts for you would send you tax forms. By law, all tax forms need to be MAILED by FEB 1 out to the tax payers, so you should have them all by now.
@msqtech (15226)
• United States
16 Feb 07
401K doesnt go there it is a tax deferred investment neither does IRA or Roth IRA. interest and dividend on taxable returns only. All of them should have issued a 1099 except for bank interest income. It is also importand for any private investments. Such as loand repayments.