A Schedule B is not necessarily required to be prepared and/or submitted with your tax return. Did you have more than $1,500 of taxable interest or ordinary dividends?
According to the IRS, you need a Schedule B if any of the following applies.
- You had over $1,500 of taxable interest or ordinary dividends.
- You received interest from a seller-financed mortgage and the buyer used the property as a personal residence.
- You have accrued interest from a bond.
- You are reporting original issue discount (OID) of less than the amount shown on Form 1099-OID.
- You are reporting interest income of less than the amount shown on a Form 1099 due to amortizable bond premium.
- You are claiming the exclusion of interest from series EE or I U.S. savings bonds issued after 1989.
- You received interest or ordinary dividends as a nominee.
- You had a financial interest in, or signature authority over, a financial account in a foreign country or you received a distribution from, or were a grantor of, or transferor to, a foreign trust.
IRS Schedule B Instructions
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