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Santa Ana California Form Instruction 1040 Line 20a & 20b: What You Should Know

Your investment expenses include interest, rent, and other fees; and any other expenses. •. Capitalized Interest: Report capitalized interest paid in excess of market interest. This will be capitalized when the interest is distributed. •. Other Investing Expenses: Your report includes all other investment expenses you paid in excess of 600. Use this amount, the greatest of 600 or your average tax basis. Investment Income (Box 20D): The amount reflected should be subtracted from investment expenses to compute the amount of taxable investment income. Investment Income (Box 20E): If you can establish that all investments in the taxable year were long term capital gains, report this amount as other investment income. Capital Gains Included in Net Investment Income (Box 20B) Deduction for Excess Net Investment Income Expenses (Box 20C) Other Investing Expenses (Box 20D): This is the only item you should report. Line of Deduction (Optional) Other Investing Expenses (Box 20C): This is the only item you should report. Deduction in excess of 600 for non-marketable securities in excess of 600. Income Tax Withheld In the Amount of 600 from the Total Taxable Capital Gain of the Qualified Dividend. This item is paid as a gift and is reported on Line A of Schedule D (Form 1040) to the extent that it is an exception to the 200 exclusion for gifts. The exception provides that if the qualifying stock is purchased from a non-federally-chartered corporation, the qualified dividend should be report only to the extent that the net investment income it generates is taxable to you. The exception is also reported on the Form 1040A. If you receive this income as a gift, you must use Form 1128. For further information, visit the IRS Website. Capital Gains Included in Net Investment Income (Box 20C) Net Investment Income Exclusion (Box 20D) Income Tax Withheld from Qualified Dividends (Box 20A) Qualified Dividends Exclusion (Box 20A) Capital Gains Exclusion (Line 26) Interest Deduction (Line 35) Payment by You For payment made by you: If you are a resident of the United States, you can report the amount paid or distributed.

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