What is the form used for?
Use Schedule B (Form 1040) if any of the following applies:
- You had over $1,500 of taxable interest or ordinary dividends.
- You received interest from a seller-financed mortgage, and the buyer used the property as a personal residence.
- You have accrued interest from a bond.
- You are reporting the original issue discount (OID) in less than the amount shown on Form 1099-OID.
- You are reducing your interest income on a bond by the amount of amortizable bond premium.
- You are claiming the exclusion of interest from series EE or I U.S. savings bonds issued after 1989.
- You received interest or ordinary dividends as a nominee.
- You had a financial interest in, or signature authority over, a financial account in a foreign country, or you received a distribution from or were a grantor of, or transferor to, a foreign trust. Part III of the schedule has questions about foreign accounts and trusts.
Is the form Supported in our program? Yes
How to access the form: To access the form, you will need to open a 1040 return on the Online or Desktop versions of UltimateTax and add the form "Sch B."
Limits to the form: This form cannot be copied.
IRS Link: https://www.irs.gov/forms-pubs/about-schedule-b-form-1040
Solution Articles:
Filling out a Sch. B - VIDEO INCLUDED
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