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Questions and Answers
The IRS can penalize you if you do not report all of your income
True
When reporting additional income, you must provide the payer's name, address, and taxpayer identification number
True
Keeping track of your income throughout the year can help you determine if you need to make estimated tax payments
True
Filing your taxes accurately and reporting all income can help you avoid penalties from the IRS
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Description
Test Your Knowledge: Reporting Additional Income on Your Taxes Do you know what types of income you need to report on your tax return? Take this quiz to test your knowledge on reporting additional income such as rental properties, prizes, awards, and gambling winnings. Learn about the penalties for not reporting all of your income and the proper way to report it. Get ready to ace your next tax return!
