Schedule B - Interest and Dividends
8 articles
Articles in Schedule B - Interest and Dividends
Interest and Dividend Income
In Tax Processors Plus Online, information for Schedule B (Form 1040) is entered in the Interest and Dividend Income menu.
Form 1099-INT - Interest Income
Box 1 Interest Income is reported as taxable interest on the tax return.
Where to subtract US Savings Bond Interest
US Savings bond interest is exempt from state and local taxes.
Form 8815 - Exclusion of Interest from Series EE and Series I U.S. Savings Bonds
To complete Form 8815 you will need to enter all the taxpayer's 1099-INTs (and 1099-DIVs) individually in the tax return, i.e., you can't summarize them if the total of each is under $1,500.
Penalty on Early Withdrawal of Savings
An amount entered in Box 2 of Form 1099-INT represents interest or principal forfeited because of early withdrawal of time savings.
Nondividend Distribution Statements
A nondividend distribution is a distribution that is not paid out of the earnings and profits of a corporation or a mutual fund.
Specified Private Activity Bond Interest
A Specified Private Activity Bond is issued to encourage private-sector investment in the development of certain facilities that serve specified public purposes, Included are exempt interest dividends paid by mutual funds that are attributable to like activities.
Form 1099-DIV - Dividends and Distribution
Dividends are distributions of property by a corporation to a shareholder or owner of the corporation out of the earnings or profits of the corporation.