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URL:https://www.learndesk.us/class/5881966677196800/lesson/1d78c616d5048b3a8bed4fe466be087d?ref=outlook-calendar
SUMMARY:Interest Income
DTSTART;TZID=America/Los_Angeles:20260515T190000
DTEND;TZID=America/Los_Angeles:20260515T200000
LOCATION:https://www.learndesk.us/class/5881966677196800/lesson/1d78c616d5048b3a8bed4fe466be087d?ref=outlook-calendar
DESCRIPTION: 
Interest Income
Let's talk about different types of interest income. Some you will see every tax season and others you may hardly ever see. Listed below are various types of interest income that may need to be included on Schedule B. We will discuss each of them in more detail.

Interest income from banks and other financial institutions
Seller financed interest income
Nominee interest income
Bond-related income
Tax-exempt income

Bank Interest - Interest income from checking and savings accounts in banks is the most plentiful type of interest income you will see as a tax preparer. It will be documented with a 1099-INT. 1099-INT and other related 1099's are reported to the IRS and can be tracked by them. Failure to include one of these 1099's on a return will result in a computer-based audit and a deficiency notice when the IRS runs their tracking program for the year. It is wise to follow up with taxpayers that show interest income items in the previous year but do not have 1099...

https://www.learndesk.us/class/5881966677196800/lesson/1d78c616d5048b3a8bed4fe466be087d?ref=outlook-calendar
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