Taxpayers in the U.S. who receive more than $1,500 in taxable interest and/or ordinary dividends during the year are required to fill out IRS Form Schedule B, which accompanies IRS form 1040.

What is Schedule B: Interest and Ordinary Dividends? IRS Schedule B is a tax schedule that helps American taxpayers compute income tax due on interest and dividends earned. 1 This schedule uses information from Forms 1099-INT and 1099-DIV to populate the correct figures into your 1040 tax return.

Tax Exempt Interest- Tax exempt interest is required to be reported on the tax return but it is not taxable. The amount is reported on Form 1040, but is not included in Total Income. Qualified dividends will appear on line 9b of the Form 1040 and will not be included in Total Income.

Yes. TurboTax Free Edition is an online-only product that supports simple tax returns that can be filed on Form 1040 without any attached schedules.

Schedule B reports the interest and dividend income you receive during the tax year. However, you don’t need to attach a Schedule B every year you earn interest or dividends. It is only required when the total exceeds certain thresholds.

If you have interest or dividend income from accounts located in the United States, you must file Schedule B if the total amount you earned from all such accounts during the year exceeded $1,500.

Schedule B is an IRS tax form that must be completed if a taxpayer has received interest income and/or ordinary dividends over the course of the year. Schedule B is also used to report less common forms of interest or corporate distributions to individuals.

The IRS Form 941 (Schedule B) is a tax form for the reporting of tax liability for semi-weekly pay schedules.