Which of the following is taxable interest reported on Form 1040, line 2b? Select one:...
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Accounting
Which of the following is taxable interest reported on Form 1040, line 2b?
Select one:
a. State municipal bonds
b. District of Columbia bonds
c. U.S. Federal Bonds
d. U.S. possessions and political subdivisions bonds
Horace received a distribution from his traditional IRA. Form 1099-R, box 1 (Gross distribution) was $10,000 and box 2a (Taxable amount) was blank. Box 2b (Taxable amount not determined) had an "x" and the IRA, SEP SIMPLE box also had an "x". For the past two years, Horace made deductible contributions totaling $9,000 and had earnings of $1,000. He has no Form 8606 because he never made any nondeductible contributions to the traditionalIRA. Based on the information given, what amount of income will be reported on line 4b of Form 1040?
Select one:
a.
b. $0
c. $10,000
d. $9,000
e. $8,000
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