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Who needs a Schedule B (Form 1040A or 1040)?
Schedule B is an IRS Form that should be filed by taxpayers who receive more than $1,500 in taxable interests or ordinary dividends (or both) during the year.
What is Schedule B for?
Schedule B for Form 1040 or 1040A is called “Interest and Ordinary Dividends”. This form serves as an attachment to the tax return report and is to be filled out only if the taxpayer earned any interests or ordinary dividends (exceeding $1,500) that should be added to their total taxable income. The schedule B form should list all the types of interests and dividends received, as well as their amount.
Is Interest and Ordinary Dividends Form accompanied by other forms?
Schedule B Form itself is to be used as a supporting statement to the IRS 1040 or 1040A Form. There is no use in filing Schedule B without the annual tax return.
When is Schedule B due?
The IRS 1040 Schedule B form should be submitted on the “Tax Day”, which is always on the 15th day of the fourth month, that is — April, 15. However, this year it is 18th April, due to state holiday, that falls on April 15.
How do I fill out Schedule B?
The IRS Form should be completed in the following manner:
- Clearly indicate the taxpayer and their SSN
- Enumerate the interests and their amount in Part 1
- List the ordinary dividends and their amount in Part 2
- Part 3 is to report foreign accounts and trusts
Where do I send Schedule B?
The completed tax return along with Schedule B Form must be delivered to the local IRS office. The address in your area can be checked in this online PDF document1.
1check the link — https://www.irs.gov/pub/irs-pdf/p17.pdf