1 answer

All of the following should generally be included as taxable income on form 1040, Line 21,...

Question:

All of the following should generally be included as taxable income on form 1040, Line 21, EXCEPT:

1.REIMBURSEMENT RECEIVED FOR MEDICAL EXPENSES DEDUCTED IN PRIOR YEAR TEXT

,2.LIFE INSUARANCE PROCEEDS RECIVED AFTER DEATH OF SPOUSE

3.TAXABLE PORTION OF A DISASTER RELIEF PAYMENT

4.DIVEDENDS EXCEEDING NET PREMIUMS PAID ON A INSUARANCE POLICY


Answers

Answer:

Correct answer is:

2. LIFE INSURANCE PROCEEDS RECEIVED AFTER DEATH OF SPOUSE

Explanation:

Life insurance proceeds received as a beneficiary on death of the insured person need not be reported and are not includable in gross income. (Source: https://www.irs.gov/faqs/interest-dividends-other-types-of-income/life-insurance-disability-insurance-proceeds/life-insurance-disability-insurance-proceeds)

As such option 2 is correct.

All other incomes as stated in options 1, 3 and 4 should generally be included as taxable income on form 1040, Line 21 (Other Income). As such options 1, 3 and 4 are incorrect.

.

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