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


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.
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) 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.
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-
tute statements. Include interest from
uted some or all of this income to others.
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
interest, later, for more in-
nominee, you must give the ac-
tual owner a Form 1099-INT
For more information on stated inter-
(unless the owner is your spouse) and
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
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
to see how to report the ac-
dress, and SSN, or let the buyer know
Oct 19, 2017
Cat. No. 70541Y


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