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 tax form used to report interest and ordinary dividends.

Q: Who needs to file IRS Form 1040 Schedule B?
A: You need to file IRS Form 1040 Schedule B if any of the following applies to you:

1. You received more than $1,500 of taxable interest or ordinary dividends.
2. You had a foreign bank account with a balance of $10,000 or more at any time during the year.
3. You are filing Form 2555 or 2555-EZ (related to foreign income).

Q: What information is required on IRS Form 1040 Schedule B?
A: Some of the information required on IRS Form 1040 Schedule B includes:

1. Name of the financial institution(s)
2. Account numbers
3. Type of income (interest or dividends)
4. Amount of income
5. Whether the account was located in the United States or foreign country

Q: When is the deadline for filing IRS Form 1040 Schedule B?
A: The deadline for filing IRS Form 1040 Schedule B is the same as the deadline for filing your federal income tax return, which is typically April 15th.

Q: Can I e-file IRS Form 1040 Schedule B?
A: Yes, you can e-file IRS Form 1040 Schedule B along with your federal income tax return.

Q: Do I need to include supporting documents with IRS Form 1040 Schedule B?
A: Generally, you do not need to include supporting documents with IRS Form 1040 Schedule B. However, you should keep them for your records in case of an audit.

Q: What happens if I don't file IRS Form 1040 Schedule B when required?
A: If you are required to file IRS Form 1040 Schedule B but fail to do so, you may face penalties and interest on the unreported income.

Q: Can I amend IRS Form 1040 Schedule B if I made a mistake?
A: Yes, if you made a mistake on your IRS Form 1040 Schedule B, you can file an amended return using Form 1040X.

Q: Is IRS Form 1040 Schedule B the same as Form 1099?
A: No, IRS Form 1040 Schedule B is not the same as Form 1099. Form 1099 is used by the payer to report the income they paid you, while Schedule B is used by you to report that income on your tax return.