IRS 1040 - Schedule B 2018 free printable template
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See instructions. For Paperwork Reduction Act Notice see your tax return instructions. Cat. No. 17146N Schedule B Form 1040 2018. SCHEDULE B Department of the Treasury Internal Revenue Service 99 Go Interest to www.irs.gov/ScheduleB for instructions and the latest information. Attach to Form 1040. Attachment Sequence No* 08 Your social security number Name s shown on return Part I OMB No* 1545-0074 Interest and Ordinary Dividends Form 1040 Amount List name of payer. If any interest is from a...seller-financed mortgage and the buyer used the property as a personal residence see the instructions and list this interest first. Also show that buyer s social security number and address See instructions and the instructions for line 2b. Note If you received a Form 1099-INT Form 1099-OID or substitute statement from a brokerage firm list the firm s name as the payer and enter the total interest shown on that form* Add the amounts on line 1. Excludable interest on series EE and I U*S* savings...bonds issued after 1989. Attach Form 8815. Subtract line 3 from line 2. Enter the result here and on Form 1040 line 2b. Note If line 4 is over 1 500 you must complete Part III. Ordinary Dividends 1099-DIV or the ordinary dividends shown on that form* Foreign Accounts and Trusts You must complete this part if you a had over 1 500 of taxable interest or ordinary dividends b had a foreign account or c received a distribution from or were a grantor of or a transferor to a foreign trust. 7a Yes No At...any time during 2018 did you have a financial interest in or signature authority over a financial account such as a bank account securities account or brokerage account located in a foreign country See instructions. If Yes are you required to file FinCEN Form 114 Report of Foreign Bank and Financial Accounts FBAR to report that financial interest or signature authority See FinCEN Form 114 and its instructions for filing requirements and exceptions to those requirements. b If you are required to...file FinCEN Form 114 enter the name of the foreign country where the financial account is located During 2018 did you receive a distribution from or were you the grantor of or transferor to a foreign trust If Yes you may have to file Form 3520. Attachment Sequence No* 08 Your social security number Name s shown on return Part I OMB No* 1545-0074 Interest and Ordinary Dividends Form 1040 Amount List name of payer. If any interest is from a seller-financed mortgage and the buyer used the...property as a personal residence see the instructions and list this interest first. If any interest is from a seller-financed mortgage and the buyer used the property as a personal residence see the instructions and list this interest first. Also show that buyer s social security number and address See instructions and the instructions for line 2b. Also show that buyer s social security number and address See instructions and the instructions for line 2b. Note If you received a Form 1099-INT...Form 1099-OID or substitute statement from a brokerage firm list the firm s name as the payer and enter the total interest shown on that form* Add the amounts on line 1.
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How to fill out IRS 1040 - Schedule B
To fill out IRS 1040 - Schedule B accurately, follow these steps:
01
Download the schedule from the IRS website or access it via a tax preparation platform.
02
Provide personal information including your name and Social Security number at the top of the form.
03
Report any interest and ordinary dividends in the relevant sections of the form.
04
If applicable, answer questions regarding foreign accounts and trust funds.
Ensure that all information is consistent with your other tax documents to avoid discrepancies.
About IRS 1040 - Schedule B 2018 previous version
What is IRS 1040 - Schedule B?
IRS 1040 - Schedule B is a supplemental form used by U.S. taxpayers to report interest and ordinary dividends received during the tax year. This form is crucial for calculating taxable income from these sources.
Who needs the form?
Taxpayers who receive more than $1,500 in interest or dividends, those who have foreign accounts, or individuals who receive certain types of distributions from trusts must complete this form. Additionally, anyone required to provide information about a foreign bank account must also file Schedule B.
Components of the form
IRS 1040 - Schedule B includes sections for reporting various types of income, such as interest income and ordinary dividends. It also contains questions regarding foreign bank accounts and trustee distributions, making it important for taxpayers with diverse financial portfolios.
What information do you need when you file the form?
When filing IRS 1040 - Schedule B, gather the following information:
01
Social Security number or Individual Taxpayer Identification Number (ITIN)
02
Details of all interest and dividend earnings, including statements from financial institutions
03
Information about foreign accounts, if applicable
Having accurate and complete information will help ensure proper filing and compliance with tax regulations.
What is the purpose of this form?
The purpose of IRS 1040 - Schedule B is to provide transparency regarding the taxpayer's income generated from financial investments. It ensures that all taxable income is reported accurately to the IRS, which may otherwise go unreported.
When am I exempt from filling out this form?
You are exempt from filling out IRS 1040 - Schedule B if you do not have over $1,500 in interest or ordinary dividends during the tax year. Furthermore, if all your interest and dividends are from tax-exempt sources, filing this form is not necessary.
What are the penalties for not issuing the form?
Failing to file IRS 1040 - Schedule B when required can result in penalties from the IRS, including fines or adjustments to your tax return. The penalties may also lead to interest accruement on unpaid taxes associated with unreported income.
Is the form accompanied by other forms?
IRS 1040 - Schedule B can be accompanied by other IRS tax forms if the taxpayer has specific situations, such as foreign bank accounts or additional income sources. Commonly, it accompanies Form 1040 itself and can be used in conjunction with Schedule D for capital gains and losses.
Where do I send the form?
After completing IRS 1040 - Schedule B, attach it to your Form 1040 when filing your tax return. If filing by mail, ensure it is sent to the correct IRS address based on your state of residence. For electronic filings, typically, attaching the form is automated within the tax preparation software.
FAQ about IRS 1040 - Schedule B
What should I do if I need to correct information on my IRS 1040 - Schedule B after filing?
If you discover errors on your filed IRS 1040 - Schedule B, you need to file an amended return using Form 1040-X. Be sure to include the correct Schedule B with the amended return. It’s crucial to do this as soon as you notice the mistake to avoid potential penalties.
How can I verify if my IRS 1040 - Schedule B has been processed?
You can track the status of your IRS 1040 - Schedule B through the IRS 'Where's My Refund?' tool if you filed electronically. If you mailed your return, expect a longer processing time. Checking for e-file rejection codes helps identify issues that may delay processing.
What are common errors people make when filing IRS 1040 - Schedule B and how can I avoid them?
Common errors include mismatching income amounts and failure to report all required income types. To avoid these mistakes, double-check your entries against your financial documents and use tax preparation software that can flag potential issues for you.
What technical requirements should I meet for e-filing my IRS 1040 - Schedule B?
To e-file your IRS 1040 - Schedule B, ensure your software is compatible with the IRS e-file system. Check that you have a stable internet connection, and be aware of browser compatibility to avoid technical issues during submission.
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