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mbmetz1
New Member

I do not understand why I have to fill out the schedule B: Box 1 Regular interest -1 form? And you all will not let me bypass this, What is this for?

 
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I do not understand why I have to fill out the schedule B: Box 1 Regular interest -1 form? And you all will not let me bypass this, What is this for?

Schedule B is used to report the taxable interest and ordinary dividends you received over $1,500.  Click this IRS link for a list of all interest and dividend income types that must be reported.

Additionally, when completing a tax return, every taxpayer must answer “Yes” or “No” as to whether or not you had a financial interest, or signature authority over, a financial account or trust, in a foreign country.  If your answer is “Yes,” then this information is reported on Part III of Schedule B.

If you do not have interest or dividend income over $1,500 to report on Schedule B AND you did not have a foreign bank account or trust, then double check your entry on the Miscellaneous Investment Income screen.  You can get there by going to Federal Taxes>Wages & Income>Interest & Dividends>1099-OID, Foreign Accounts.  

The first four boxes on the Miscellaneous Investment Income screen should be blank and "None of the Above" should be checked.  See the screen shot attached. 
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