@andkupstas
I revised my answer above a little. I clarified that the $1,500 total that necessitates using a Schedule B is for "taxable interest or ordinary dividends", which you likely already knew since you had quoted that part in your original question.
And I provided the Schedule B instructions that details that along with a few other exceptions that require a Schedule B.
In any case, you need to report it, and it should appear directly on Form 1040, if the total of such taxable interest or ordinary dividends is less than $1,500.
