David Morning, age 67, is retired and receives Social Security of $2,000 per mon

Question

David Morning, age 67, is retired and receives Social Security of $2,000 per month, and a pension of 1,100 per month. The pension distribution is from a qualified Code Sec. 401 (k) plan that Paul contributed to while he was working. To occupy his time, Paul opened up an on-line brokerage account and transferred $10,000 of his personal savings to the account. During the year, he bought and sold various stocks based upon research he did on the internet. List and describe the basic records that David should keep when filing his individual’s income Tax return.

Explanation / Answer

Based on the given question, basic records that David Morning should keep when filing his individual income Tax return are as under:

Bank Account records should be kept that is Bank Account Number, Bank's Routing Number for any payment or refund to be made directly in the bank.

Therefore, these abovesaid basic records David should keep when filing his individual's income Tax return.

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