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: Do I need to file Schedule B?
A: You need to file Schedule B if you have received interest or dividends that exceed certain thresholds.

Q: What kind of income should I report on Schedule B?
A: You should report any interest or ordinary dividends you have received.

Q: What are the thresholds for reporting on Schedule B?
A: You must file Schedule B if you have received more than $1,500 of taxable interest or ordinary dividends.

Q: How do I fill out Schedule B?
A: You will need to provide details about the sources of your interest and dividend income, including the payer's name and the amount received.

Q: When is the deadline to file Schedule B?
A: Schedule B must be filed along with your Form 1040 tax return by the annual tax filing deadline, usually April 15th.

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