Instructions for IRS Form 1040 Schedule B Interest and Ordinary Dividends

IRS Form 1040 Schedule B Interest and Ordinary Dividends

This document contains official instructions for IRS Form 1040 Schedule B, Interest and Ordinary Dividends - a tax form released and collected by the Internal Revenue Service (IRS), a subdivision of the U.S. Department of the Treasury. An up-to-date fillable IRS Form 1040 Schedule B is available for download through this link.

FAQ

Q: What is IRS Form 1040 Schedule B?A: IRS Form 1040 Schedule B is a form used to report interest and ordinary dividends received during the tax year.

Q: What is the purpose of Schedule B?A: The purpose of Schedule B is to provide the IRS with information about your interest and dividend income, which is taxable.

Q: Who needs to file Schedule B?A: You need to file Schedule B if you received more than $1,500 in taxable interest or ordinary dividends, or if you had a foreign account with a balance over $10,000 at any time during the tax year.

Q: How do I complete Schedule B?A: You must list the name and taxpayer identification number (TIN) of each payer of interest and dividends, as well as the amounts received. You will also need to answer some additional questions about foreign accounts and certain financial transactions.

Q: When is Schedule B due?A: Schedule B is due on the same date as your income tax return, which is usually April 15th. If you file for an extension, the due date may be later.

Q: Can I e-file Schedule B?A: Yes, you can e-file Schedule B as part of your overall tax return using tax software or through a tax professional.

Q: What happens if I don't file Schedule B?A: If you are required to file Schedule B and fail to do so, you may face penalties and interest on any unreported income.