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Show TAX TIPS Various types of income besides be-sides salaries and wages must be included in the preparation of 19G1 Federal income tax returns, re-turns, District Director Roland V. Wise of the Salt Lake City, Utah District office of Internal Revenue advised today. While the forms thamselves and the accompanying instruction instruc-tion booklets set forth several of the more common types of income which must be reported, report-ed, Mr. Wise said, taxpayers are reminded that interest on savings accounts and Ssries 'E' U. S. Savings Bonds, tips and similar gratuities, most dividends divi-dends and profits on sales of real or personal property, are taxable income. Taxpayers who fail to report re-port income are liable to be called to account for it, Director Di-rector Wise warned. They may be subject not only to the tax, but also to interest and penalties. pen-alties. If you have any question, I suggest you call DAvis 8-2911, G701 for accurate and quick information between the hours of 8:15 a.m. and 5:00 p.m. Parents who furnish more than half of their child's support sup-port are entitled to claim him (or her) as a dependent on their Federal income tax return re-turn even though the child has income of $600 or more during 1961 and is required to file his own tax return, Roland V. Wise, Director of Internal Revenue for the Salt Lake City, Utah District, pointed out today. He explained, however, that the child must not have reached reach-ed his 19th birthday by January Jan-uary 1, 1962, or must have been a full-time student during dur-ing some part of five calendar months in 1961. Your child is not considered to be a full-time student if he or she is employed full time during the day and attends night school, or if the child is taking a correspondence course or an employee training course, said Mr. Wise. He also reminded parents that if thier child is married and files a joint return, no exemption may be claimed for that child even though all the other tests are met. Taxpayers who have any Federal tax questions about exemptions may get Document No. 5013, "Personal Exemptions and Dependents," by calling DAvis 8-2911, extension 465, or come to Room 365, Federal Building, Salt Lake City. If you have any other questions about your Federal income tax return, telephone your local lo-cal Internal Revenue office at Salt Lake City Davis 8-2911, K 701; at Ogden, EKport 2-4692 and at Provo, FRanklin 3-5111. |