The National Directory of Certified Public Accountants

Ask A CPA - Dividends

How Do I Report Dividends I Received From My Credit Union ?

Certain distributions commonly referred to as dividends are actually interest. They include "dividends" on deposits or share accounts in credit unions, cooperative banks, domestic savings and loan associations, and mutual savings banks. Report interest income on IRS Form 1040, line 8a If your taxable interest income is more than $1,500, show that income on IRS Schedule B

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