Form 1040 B

In case the dividends or interests received from all sources during the taxable year exceed $1,500, the taxpayer must file Form 1040 Schedule B Attachment. This form must be filed by taxpayers who claim a separate foreign account. Form 1040 Schedule B allows an individual to identify ordinary dividends as well as interest income. This form allows the taxpayer to report income on interests and dividends received during the taxable year.

IRS also requires individuals to file 1040 Schedule B under the following conditions:

  • Accrued interest
  • College tuition exclusion
  • Foreign accounts
  • Nominee interest or dividends
  • Original issue discount
  • Seller-financed mortgages
  • Tax-exempt interest in Form 1099-INT

Category: Tax Return Forms

Link to IRS website: http://www.irs.gov/pub/irs-pdf/f1040sb.pdf

 

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