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Department of the Treasury

Internal Revenue Service

2017 Instructions for Schedule B

(Form 1040A or 1040)

Interest and

Use Schedule B (Form 1040A or 1040) if any of the following applies.

You had over $1,500 of taxable interest or ordinary dividends.

Ordinary

You received interest from a seller-financed mortgage and the buyer used the

property as a personal residence.

Dividends

You have accrued interest from a bond.

You are reporting original issue discount (OID) of less than the amount shown

on Form 1099-OID.

You are reporting interest income of less than the amount shown on a Form 1099

due to 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 transfer-

or to, a foreign trust.

Section references are to the Internal

(SSN) on the statements and attach them

your SSN, you may have to pay a $50

Revenue Code unless otherwise noted.

at the end of your return.

penalty.

Future Developments

Nominees. If you received a Form

Part I. Interest

1099-INT that includes interest you re-

For the latest information about devel-

Line 1. Report on line 1 all of your tax-

ceived as a nominee (that is, in your

opments related to Schedule B (Form

able interest. Taxable interest generally

name, but the interest actually belongs

1040A or 1040) and its instructions,

should be shown on your Forms

to someone else), report the total on

such as legislation enacted after they

1099-INT, Forms 1099-OID, or substi-

line 1. Do this even if you later distrib-

were

published,

IRS.gov/

tute statements. Include interest from

uted some or all of this income to others.

ScheduleB.

series EE, H, HH, and I U.S. savings

Under your last entry on line 1, put a

bonds. Also include any accrued market

subtotal of all interest listed on line 1.

discount that is includible in income and

Below this subtotal, enter “Nominee

What’s New

any gain on a contingent payment debt

Distribution” and show the total interest

instrument that is includible in income

you received as a nominee. Subtract this

FinCEN due date. The due date for fil-

as interest income. List each payer’s

amount from the subtotal and enter the

ing FinCEN Form 114 has changed. See

name and the amount. Don't report on

result on line 2.

Line 7a–Question

2, later.

line 1 any tax-exempt interest. See

If you received interest as a

Tax-exempt

interest, later, for more in-

nominee, you must give the ac-

TIP

formation.

Specific

tual owner a Form 1099-INT

For more information on stated inter-

(unless the owner is your spouse) and

Instructions

est, original issue discount (OID), mar-

file Forms 1096 and 1099-INT with the

ket discount, contingent payment debt

IRS. For more details, see the General

instruments, and premium, see Pub. 550

You can list more than one pay-

Instructions for Certain Information Re-

and Pub. 1212.

er on each entry space for lines

TIP

turns and the Instructions for Forms

1 and 5, but be sure to clearly

1099-INT and 1099-OID.

Seller-financed mortgages. If you

show the amount paid next to each pay-

sold your home or other property and

er’s name. Add the separate amounts

Accrued interest. When you buy

the buyer used the property as a personal

paid by the payers listed on an entry

bonds between interest payment dates

residence, list first any interest the buyer

space and enter the total in the

and pay accrued interest to the seller,

paid you on a mortgage or other form of

“Amount” column. If you still need

this interest is taxable to the seller. If

seller financing. Be sure to show the

more space, attach separate statements

you received a Form 1099 for interest as

buyer’s name, address, and SSN. You

using the same format as lines 1 and 5,

a purchaser of a bond with accrued in-

must also let the buyer know your SSN.

but show your totals on Schedule B. Put

terest, follow the rules earlier under

If you don't show the buyer’s name, ad-

your name and social security number

Nominees

to see how to report the ac-

dress, and SSN, or let the buyer know

B-1

Oct 19, 2017

Cat. No. 70541Y

Instructions For Schedule B (Form 1040a Or 1040) - Interest And Ordinary Dividends - 2017

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