On which line of Form 1040 is taxable interest reported?

Taxable interest is reported on Line 2b of Form 1040. This line is specifically designated for reporting taxable interest income, which includes interest from bank accounts, corporate bonds, government obligations, and other interest-bearing investments. Understanding the layout of Form 1040 is crucial for accurately reporting income, and Line 2b ensures that all taxable interest is captured properly to comply with tax regulations.

In contrast, Line 1 is for reporting wages, salaries, and tips; Line 2a is used for reporting tax-exempt interest income; and Line 3 is designated for ordinary dividends. Knowing the correct lines for different types of income helps taxpayers and preparers accurately complete tax returns and avoids misreporting, which can lead to complications such as audits or penalties.