INSTRUCTIONS: INTEREST AND ORDINARY DIVIDENDS (Schedule B)
“Interest and Ordinary Dividends Schedule B Step 1”
In line 1, report all of your taxable interest. Taxable interest can be found on your 1099-INT, 1099-OID, or substitute statements. List all EE, H, HH and I U.S savings bonds. Do not report any tax-exempt interest from box 8 or 9 of Form 1099-INT.
If you’re listing any interest from a seller-financed mortgage and the buyer use the property for a personal residence, see the instructions on the back of the sheet.
“Interest and Ordinary Dividends Schedule B Step 2”
Follow these steps for line 2 through 4:
· Line 2: Add the amounts front line 1
· Line 3: List excludable interest on series EE and I U.S. savings bonds after 1989 and attach Form 8815
· Line 4: Subtract line 3 from 2 (if over $1,500, you need to complete Part III)
Note for line 3: If you cashed EE or I U.S. saving bonds issued after 1989 and you paid for higher education expenses for yourself, your spouse, or dependents, refer to Form 8815 to see if you can exclude these expenses.
“Interest and Ordinary Dividends Schedule B Step 2”
On line 5, report all of your ordinary dividends and list the payer’s name and the amount. The amount should be in your 1099-DIV or substitute statements. If you received a 1099-DIV that includes ordinary dividends you received as a nominee, report the total on line 5 in all cases. Under the last entry on line 5, put the subtotal for all ordinary dividends and put “Nominee Distribution” below the subtotal. Subtract the amount from the subtotal and enter the result on line 6.
Note: If line 6 is over $1,500, you need to complete Part III.
“Interest and Ordinary Dividends Schedule B Step 3”
For the first question, check “Yes” if any time during 2011 you had financial interest in signature authority of a financial account within a foreign country. Refer to the form’s instructions for more information.
For the second question on line 7a, regard Form TD F 90-22.1 to see if you need to file the form and check “Yes if you need to file the form.
If you check “Yes” on line 8, you may have to file Form 3520 if you were the grantor or transferor of a foreign trust.
