Asked by Kendra Gorsline on Jun 09, 2024
Verified
The long form,also called a 1040,is the only form that a filer can use if he or she has interest income from dividends,alimony,or prize money.
Long Form
Refers to more detailed versions of documents or forms that require extensive information, such as the IRS 1040 form for taxes.
1040 Form
A standard IRS form used by individuals to file their annual income tax returns.
Interest Income
Earnings from investments in savings accounts, bonds, CDs, or other interest-bearing accounts.
- Acquire knowledge on the essentials of filing status and the selection of tax forms for different income types.
Verified Answer
JN
Jasmin NunezJun 11, 2024
Final Answer :
False
Explanation :
The 1040 form can be used for interest income from dividends, alimony or prize money, but there are other forms available for specific types of income or deductions.
Learning Objectives
- Acquire knowledge on the essentials of filing status and the selection of tax forms for different income types.