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Andy smith files a return as a head of household how much

Question - Sandy Smith files a return as a head of household. Items of income received by Sandy in 2011 were as follows.

Interest on savings account with Wells Fargo: $500

Interest on state income tax refund: $50

Gambling winnings: $1,000

Dividends from mutual life insurance company on life insurance policy: $1,000

Dividends from Better Auto Co. received on January 2, 2011: $875

The total dividends received on the life insurance policy do not exceed the aggregate of the premiums paid to the company.

(a) How much should Sandy include in her 2011 taxable income as interest?

(b) How much should Sandy report as dividend income for 2011?

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Accounting Basics: Andy smith files a return as a head of household how much

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