Schedule B (Form 1040a Or 1040) - Interest And Ordinary Dividends - 2015 Page 2
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Schedule B (Form 1040A or 1040) 2015
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
related to Schedule B (Form 1040A or 1040) and its
1099-INT and 1099-OID.
policy with a cash value (such as a whole life
insurance policy), an annuity policy with a cash
instructions, such as legislation enacted after they
Accrued interest. When you buy bonds between
were published, go to
value, and shares in a mutual fund or similar pooled
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).
Use Schedule B if any of the following applies.
bond with accrued interest, follow the rules earlier
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
• You have accrued interest from a bond.
foreign financial account. An account maintained
Nominees to see how to report the OID. But identify
with a branch of a foreign bank that is physically
• You are reporting original issue discount (OID) in
the amount to be subtracted as “OID Adjustment.”
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
• You are reducing your interest income on a bond
bond premium, follow the rules earlier under Nominees
authority of an individual (alone or in conjunction
by the amount of amortizable bond premium.
to see how to report the interest. But identify the amount
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
series EE or I U.S. savings bonds issued after 1989.
Line 3. If, during 2015, you cashed series EE or I
communication (whether in writing or otherwise) to
U.S. savings bonds issued after 1989 and you paid
• You received interest or ordinary dividends as a
the bank or other financial institution that maintains
qualified higher education expenses for yourself,
nominee.
the financial account. See the FinCEN Form 114
your spouse, or your dependents, you may be able
instructions for exceptions. Do not consider the
• You had a financial interest in, or signature
to exclude part or all of the interest on those bonds.
exceptions relating to signature authority in
authority over, a financial account in a foreign
See Form 8815 for details.
answering Question 1 on line 7a.
country or you received a distribution from, or were
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
interest,” “United States,” and other relevant terms,
You may have to file Form 5471 if, in
accounts and trusts.
see the instructions for FinCEN Form 114.
2015, you were an officer or director of
TIP
Line 7a–Question 2. See FinCEN Form 114 and its
a foreign corporation. You may also
Specific Instructions
instructions to determine whether you must file the
have to file Form 5471 if, in 2015, you
form. Check the “Yes” box if you are required to file
owned 10% or more of the total
You can list more than one payer on
the form; check the “No” box if you are not required
(a) value of a foreign corporation’s stock, or (b)
each entry space for lines 1 and 5, but
to file the form.
TIP
combined voting power of all classes of a foreign
be sure to clearly show the amount paid
corporation’s stock with voting rights. For details,
If you checked the “Yes” box to Question 2 on line
next to the payer's name. Add the
see Form 5471 and its instructions.
7a, FinCEN Form 114 must be electronically filed
separate amounts paid by the payers
with the Financial Crimes Enforcement Network
Line 5. Report on line 5 all of your ordinary
listed on an entry space and enter the total in the
(FinCEN) at the following website:
dividends. This amount should be shown in box 1a
“Amount” column. If you still need more space, attach
fincen.treas.gov/main.html. Do not attach FinCEN
of your Forms 1099-DIV or substitute statements.
separate statements that are the same size as the
Form 114 to your tax return. To be considered
List each payer’s name and show the amount.
printed schedule. Use the same format as lines 1 and
timely, FinCEN Form 114 must be received by June
5, but show your totals on Schedule B. Be sure to put
Nominees. If you received a Form 1099-DIV that
30, 2016.
your name and social security number (SSN) on the
includes ordinary dividends you received as a
statements and attach them at the end of your return.
▲
If you are required to file FinCEN Form
nominee (that is, in your name, but the ordinary
!
114 but do not properly do so, you may
dividends actually belong to someone else), report
Part I. Interest
have to pay a civil penalty up to
the total on line 5. Do this even if you later
$10,000. A person who willfully fails to
Line 1. Report on line 1 all of your taxable interest.
distributed some or all of this income to others.
CAUTION
report an account or provide account
Under your last entry on line 5, put a subtotal of all
Taxable interest generally should be shown on your
identifying information may be subject to a civil
Forms 1099-INT, Forms 1099-OID, or substitute
ordinary dividends listed on line 5. Below this
penalty equal to the greater of $100,000 or 50
subtotal, enter “Nominee Distribution” and show the
statements. Include interest from series EE, H, HH,
percent of the balance in the account at the time of
and I U.S. savings bonds. Also include any accrued
total ordinary dividends you received as a nominee.
the violation. Willful violations may also be subject to
Subtract this amount from the subtotal and enter the
market discount that is includible in income. List
criminal penalties.
each payer’s name and show the amount. Do not
result on line 6.
report on this line any tax-exempt interest from box
Line 7b. If you are required to file FinCEN Form 114,
If you received dividends as a nominee,
8 or box 9 of Form 1099-INT. Instead, report the
enter the name of the foreign country or countries in
you must give the actual owner a Form
TIP
amount from box 8 on line 8b of Form 1040A or
the space provided on line 7b. Attach a separate
1099-DIV unless the owner is your spouse.
1040. If an amount is shown in box 9 of Form
statement if you need more space.
You must also file a Form 1096 and a Form
1099-INT, you generally must report it on line 12 of
1099-DIV with the IRS. For more
Line 8. If you received a distribution from a foreign
Form 6251. See the Instructions for Form 6251 for
details, see the General Instructions for Certain
trust, you must provide additional information. For
more details. For more information on market
Information Returns and the Instructions for Form
this purpose, a loan of cash or marketable securities
discount and other investment income see Pub. 550.
1099-DIV.
generally is considered to be a distribution. See
Seller-financed mortgages. If you sold your
Form 3520 for details.
Part III. Foreign Accounts and
home or other property and the buyer used the
If you were the grantor of, or transferor to, a
Trusts
property as a personal residence, list first any
foreign trust that existed during 2015, you may have
interest the buyer paid you on a mortgage or other
to file Form 3520.
Regardless of whether you are required
form of seller financing. Be sure to show the buyer’s
to file FinCEN Form 114 (FBAR), you
Do not attach Form 3520 to Form 1040. Instead,
name, address, and SSN. You must also let the
TIP
may be required to file Form 8938,
file it at the address shown in its instructions.
buyer know your SSN. If you do not show the
Statement of Specified Foreign
buyer’s name, address, and SSN, or let the buyer
If you were treated as the owner of a foreign trust
Financial Assets, with your income tax
know your SSN, you may have to pay a $50 penalty.
under the grantor trust rules, you are also
return. Failure to file Form 8938 may result in
responsible for ensuring that the foreign trust files
Nominees. If you received a Form 1099-INT that
penalties and extension of the statute of limitations.
Form 3520-A. Form 3520-A is due on March 15,
includes interest you received as a nominee (that is, in
See for more information.
2016, for a calendar year trust. See the instructions
your name, but the interest actually belongs to
Line 7a–Question 1. Check the “Yes” box if at any
for Form 3520-A for more details.
someone else), report the total on line 1. Do this even
time during 2015 you had a financial interest in or
if you later distributed some or all of this income to
signature authority over a financial account located
others. Under your last entry on line 1, put a subtotal
in a foreign country. See the definitions that follow.
of all interest listed on line 1. Below this subtotal, enter
Check the “Yes” box even if you are not required to
"Nominee Distribution" and show the total interest you
file FinCEN Form 114, Report of Foreign Bank and
received as a nominee. Subtract this amount from the
Financial Accounts (FBAR).
subtotal and enter the result on line 2.
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