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New Member
posted Mar 14, 2025 7:49:13 AM

It says my 1099 needs a schedule B, but my interest isn't over the 1,500 interest income so I don't feel like that is necessary. What's going on?

My 1099 INT keeps bringing up the popup saying "you need to upgrade to TurboTax Deluxe" because "You won’t be able to report interest and dividend income over $1,500." However, my much less than that amount. Why do I get the popup? How do I work around it? I shouldn't need a Schedule B

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1 Replies
Expert Alumni
Mar 14, 2025 8:06:05 AM

Per IRS:

Use Schedule B (Form 1040) 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) in an amount less than the amount shown on Form 1099-OID.
  • You are reducing your interest income on a bond by the amount of 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. Part III of the schedule has questions about foreign accounts and trusts.

irs.gov