PriorTax | Interest and Ordinary Dividends - Schedule B

Interest and Ordinary Dividends - Schedule B

Taxpayers filing a Form 1040 or 1040A can include a Schedule B to report their interest and dividends.

Generally speaking, you must include a Schedule B with your return if you had over $1,500 of taxable interest or ordinary dividends.

The other reasons to file a Schedule B include

  • receiving interest from a seller-financed mortgage when the buyer used the property as a personal residence
  • accruing interest from a bond
  • reporting original issue discount (OID) less than the amount on Form 1099-OID
  • reducing interest income on a bond by the amount of amortizable bond premium
  • excluding interest from series EE or I U.S. savings bonds issued after 1989
  • receiving interest or ordinary dividends as a nominee
  • having financial interest in a foreign financial account or foreign trust

  • The form includes three sections: one for reporting interest, one for ordinary dividends, and one for foreign accounts and trusts.