Schedule B (Form 1040a Or 1040) - Interest And Ordinary Dividends - 2012 Page 2
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Schedule B (Form 1040A or 1040) 2012
Page
General Instructions
If you received interest as a nominee,
Financial account. A financial account includes,
you must give the actual owner a Form
but is not limited to, a securities, brokerage, savings,
TIP
Section references are to the Internal Revenue Code
1099-INT unless the owner is your
demand, checking, deposit, time deposit, or other
unless otherwise noted.
spouse. You must also file a Form 1096
account maintained with a financial institution (or
and a Form 1099-INT with the IRS. For
other person performing the services of a financial
Future Developments
more details, see the General Instructions for Certain
institution). A financial account also includes a
Information Returns and the Instructions for Forms
commodity futures or options account, an insurance
For the latest information about developments
1099-INT and 1099-OID.
policy with a cash value (such as a whole life
related to Schedule B (Form 1040A or 1040) and its
insurance policy), an annuity policy with a cash
instructions, such as legislation enacted after they
Accrued interest. When you buy bonds between
value, and shares in a mutual fund or similar pooled
were published, go to
interest payment dates and pay accrued interest to
fund (that is, a fund that is available to the general
the seller, this interest is taxable to the seller. If you
Purpose of Form
public with a regular net asset value determination
received a Form 1099 for interest as a purchaser of a
and regular redemptions).
bond with accrued interest, follow the rules earlier
Use Schedule B if any of the following applies.
under Nominees to see how to report the accrued
Financial account located in a foreign country.
• You had over $1,500 of taxable interest or ordinary
interest. But identify the amount to be subtracted as
A financial account is located in a foreign country if
dividends.
“Accrued Interest.”
the account is physically located outside of the
• You received interest from a seller-financed
United States. For example, an account maintained
Original issue discount (OID). If you are reporting
mortgage and the buyer used the property as a
with a branch of a United States bank that is
OID in an amount less than the amount shown on
personal residence.
physically located outside of the United States is a
Form 1099-OID, follow the rules earlier under
foreign financial account. An account maintained
• You have accrued interest from a bond.
Nominees to see how to report the OID. But identify
with a branch of a foreign bank that is physically
the amount to be subtracted as “OID Adjustment.”
• You are reporting original issue discount (OID) in
located in the United States is not a foreign financial
an amount less than the amount shown on Form
Amortizable bond premium. If you are reducing your
account.
1099-OID.
interest income on a bond by the amount of amortizable
Signature authority. Signature authority is the
bond premium, follow the rules earlier under Nominees
• You are reducing your interest income on a bond
authority of an individual (alone or in conjunction
to see how to report the interest. But identify the amount
by the amount of amortizable bond premium.
with another individual) to control the disposition of
to be subtracted as “ABP Adjustment.”
• You are claiming the exclusion of interest from
assets held in a foreign financial account by direct
Line 3. If, during 2012, you cashed series EE or I
series EE or I U.S. savings bonds issued after 1989.
communication (whether in writing or otherwise) to
U.S. savings bonds issued after 1989 and you paid
the bank or other financial institution that maintains
• You received interest or ordinary dividends as a
qualified higher education expenses for yourself,
the financial account. See the Instructions for Form
nominee.
your spouse, or your dependents, you may be able
TD F 90-22.1 (Report of Foreign Bank and Financial
• You had a financial interest in, or signature
to exclude part or all of the interest on those bonds.
Accounts) for exceptions. Do not consider the
authority over, a financial account in a foreign
See Form 8815 for details.
exceptions relating to signature authority in
country or you received a distribution from, or were
answering Question 1 on line 7a.
Part II. Ordinary Dividends
a grantor of, or transferor to, a foreign trust. Part III
Other definitions. For definitions of “financial
of the schedule has questions about foreign
You may have to file Form 5471 if, in
interest,” “United States,” and other relevant terms,
accounts and trusts.
2012, you were an officer or director of
TIP
see the instructions for Form TD F 90-22.1.
a foreign corporation. You may also
Specific Instructions
Note. You can get Form TD F 90-22.1 from the IRS
have to file Form 5471 if, in 2012, you
website at
owned 10% or more of the total
You can list more than one payer on
(a) value of a foreign corporation’s stock, or (b)
Line 7a–Question 2. See Form TD F 90-22.1 and its
each entry space for lines 1 and 5, but
combined voting power of all classes of a foreign
instructions to determine whether you must file the
TIP
be sure to clearly show the amount paid
corporation’s stock with voting rights. For details,
form. Check the “Yes” box if you are required to file
next to the payer's name. Add the
see Form 5471 and its instructions.
the form; check the "No" box if you are not required
separate amounts paid by the payers
to file the form.
Line 5. Report on line 5 all of your ordinary
listed on an entry space and enter the total in the
dividends. This amount should be shown in box 1a
If you checked the “Yes” box to Question 2 on line
“Amount” column. If you still need more space, attach
of your Forms 1099-DIV or substitute statements.
7a, file Form TD F 90-22.1 with the Department of
separate statements that are the same size as the
List each payer’s name and show the amount.
Treasury at the address shown in the instructions for
printed schedule. Use the same format as lines 1 and
that form. Do not attach Form TD F 90-22.1 to your
Nominees. If you received a Form 1099-DIV that
5, but show your totals on Schedule B. Be sure to put
tax return. To be considered timely, Form TD F
includes ordinary dividends you received as a
your name and social security number (SSN) on the
90-22.1 must be received by June 30, 2013.
nominee (that is, in your name, but the ordinary
statements and attach them at the end of your return.
dividends actually belong to someone else), report
▲
If you are required to file Form TD F
Part I. Interest
the total on line 5. Do this even if you later
!
90-22.1 but do not properly do so, you
distributed some or all of this income to others.
may have to pay a civil penalty up to
Line 1. Report on line 1 all of your taxable interest.
Under your last entry on line 5, put a subtotal of all
$10,000. A person who willfully fails to
Taxable interest should be shown on your Forms
CAUTION
ordinary dividends listed on line 5. Below this
report an account or provide account
1099-INT, Forms 1099-OID, or substitute
subtotal, enter “Nominee Distribution” and show the
identifying information may be subject to a civil
statements. Include interest from series EE, H, HH,
total ordinary dividends you received as a nominee.
penalty equal to the greater of $100,000 or 50
and I U.S. savings bonds. List each payer’s name
Subtract this amount from the subtotal and enter the
percent of the balance in the account at the time of
and show the amount. Do not report on this line any
result on line 6.
the violation. Willful violations may also be subject to
tax-exempt interest from box 8 or box 9 of Form
If you received dividends as a nominee,
criminal penalties.
1099-INT. Instead, report the amount from box 8 on
you must give the actual owner a Form
line 8b of Form 1040A or 1040. If an amount is
Line 7b. If you are required to file Form TD F
TIP
1099-DIV unless the owner is your spouse.
shown in box 9 of Form 1099-INT, you generally
90-22.1, enter the name of the foreign country or
You must also file a Form 1096 and a Form
must report it on line 12 of Form 6251. See the
countries in the space provided on line 7b. Attach a
1099-DIV with the IRS. For more
Instructions for Form 6251 for more details.
separate statement if you need more space.
details, see the General Instructions for Certain
Seller-financed mortgages. If you sold your
Line 8. If you received a distribution from a foreign
Information Returns and the Instructions for Form
home or other property and the buyer used the
trust, you must provide additional information. For
1099-DIV.
property as a personal residence, list first any
this purpose, a loan of cash or marketable securities
Part III. Foreign Accounts and
interest the buyer paid you on a mortgage or other
generally is considered to be a distribution. See
form of seller financing. Be sure to show the buyer’s
Form 3520 for details.
Trusts
name, address, and SSN. You must also let the
If you were the grantor of, or transferor to, a
buyer know your SSN. If you do not show the
Regardless of whether you are required
foreign trust that existed during 2012, you may have
buyer’s name, address, and SSN, or let the buyer
to file Form TD F 90-22.1 (FBAR), you
to file Form 3520.
TIP
know your SSN, you may have to pay a $50 penalty.
may be required to file Form 8938,
Do not attach Form 3520 to Form 1040. Instead,
Statement of Specified Foreign
Nominees. If you received a Form 1099-INT that
file it at the address shown in its instructions.
Financial Assets, with your income tax
includes interest you received as a nominee (that is, in
return. Failure to file Form 8938 may result in
If you were treated as the owner of a foreign trust
your name, but the interest actually belongs to
penalties and extension of the statute of limitations.
under the grantor trust rules, you are also
someone else), report the total on line 1. Do this even
See for more information.
responsible for ensuring that the foreign trust files
if you later distributed some or all of this income to
Form 3520-A. Form 3520-A is due on March 15,
others. Under your last entry on line 1, put a subtotal
Line 7a–Question 1. Check the “Yes” box if at any
2013, for a calendar year trust. See the instructions
of all interest listed on line 1. Below this subtotal, enter
time during 2012 you had a financial interest in or
for Form 3520-A for more details.
"Nominee Distribution" and show the total interest
signature authority over a financial account located
you received as a nominee. Subtract this amount from
in a foreign country. See the definitions that follow.
the subtotal and enter the result on line 2.
Check the “Yes” box even if you are not required to
file Form TD F 90-22.1.
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