Schedule B (Form 1040a Or 1040) - Interest And Ordinary Dividends - 2016 Page 2
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Schedule B (Form 1040A or 1040) 2016
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 isn't limited to, a securities, brokerage, savings,
TIP
Future Developments
1099-INT (unless the owner is your
demand, checking, deposit, time deposit, or other
spouse) and file Forms 1096 and
account maintained with a financial institution (or
For the latest information about developments
1099-INT with the IRS. For more details,
other person performing the services of a financial
related to Schedule B (Form 1040A or 1040) and its
see the General Instructions for Certain Information
institution). A financial account also includes a
instructions, such as legislation enacted after they
Returns and the Instructions for Forms 1099-INT and
commodity futures or options account, an insurance
were published, go to
1099-OID.
policy with a cash value (such as a whole life
insurance policy), an annuity policy with a cash
What's New
Accrued interest. When you buy bonds between
value, and shares in a mutual fund or similar pooled
interest payment dates and pay accrued interest to
The due date for filing FinCEN Form 114 has
fund (that is, a fund that is available to the general
the seller, this interest is taxable to the seller. If you
changed. See below.
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
Purpose of Form
under Nominees to see how to report the accrued
Financial account located in a foreign country.
Use Schedule B if any of the following applies.
interest. But identify the amount to be subtracted as
A financial account is located in a foreign country if
“Accrued Interest.”
the account is physically located outside of the
• You had over $1,500 of taxable interest or ordinary
United States. For example, an account maintained
dividends.
Original issue discount (OID). If you are reporting
with a branch of a United States bank that is
OID in an amount less than the amount shown on
• You received interest from a seller-financed
physically located outside of the United States is a
Form 1099-OID, follow the rules earlier under
mortgage and the buyer used the property as a
foreign financial account. An account maintained
Nominees to see how to report the OID. But identify
personal residence.
with a branch of a foreign bank that is physically
the amount to be subtracted as “OID Adjustment.”
• You have accrued interest from a bond.
located in the United States isn't a foreign financial
Amortizable bond premium. If you are reducing your
account.
• You are reporting original issue discount (OID) of
interest income on a bond by the amount of amortizable
less than the amount shown on Form 1099-OID.
Signature authority. Signature authority is the
bond premium, follow the rules earlier under Nominees
authority of an individual (alone or in conjunction
• You are reducing your interest income on a bond
to see how to report the interest. But identify the amount
with another individual) to control the disposition of
by the amount of amortizable bond premium.
to be subtracted as “ABP Adjustment.”
assets held in a foreign financial account by direct
• You are claiming the exclusion of interest from
Line 3. If, during 2016, you cashed series EE or I
communication (whether in writing or otherwise) to
series EE or I U.S. savings bonds issued after 1989.
U.S. savings bonds issued after 1989 and you paid
the bank or other financial institution that maintains
qualified higher education expenses for yourself,
• You received interest or ordinary dividends as a
the financial account. See the FinCEN Form 114
your spouse, or your dependents, you may be able
nominee.
instructions for exceptions. Don't consider the
to exclude part or all of the interest on those bonds.
exceptions relating to signature authority in
• You had a financial interest in, or signature
See Form 8815 for details.
answering Question 1 on line 7a.
authority over, a financial account in a foreign
country or you received a distribution from, or were
Part II. Ordinary Dividends
Other definitions. For definitions of “financial
a grantor of, or transferor to, a foreign trust.
interest,” “United States,” and other relevant terms,
You may have to file Form 5471 if, in
see the instructions for FinCEN Form 114.
2016, you were an officer or director of
Specific Instructions
TIP
Line 7a–Question 2. See FinCEN Form 114 and its
a foreign corporation. You may also
instructions at to determine
have to file Form 5471 if, in 2016, you
You can list more than one payer on
whether you must file the form. Check the “Yes” box
owned 10% or more of the total
each entry space for lines 1 and 5, but
if you are required to file the form; check the “No”
TIP
(a) value of a foreign corporation’s stock, or (b)
be sure to clearly show the amount paid
box if you aren't required to file the form.
combined voting power of all classes of a foreign
next to the payer's name. Add the
corporation’s stock with voting rights. For details,
If you checked the “Yes” box to Question 2 on line
separate amounts paid by the payers
see Form 5471 and its instructions.
7a, you must electronically file FinCEN Form 114
listed on an entry space and enter the total in the
with Treasury's Financial Crimes Enforcement
Line 5. Report on line 5 all of your ordinary
“Amount” column. If you still need more space, attach
Network; go to for details. Do
dividends. This amount should be shown in box 1a
separate statements using the same format as lines 1
not attach FinCEN Form 114 to your tax return.
of your Forms 1099-DIV or substitute statements.
and 5, but show your totals on Schedule B. Put your
FinCEN Form 114 for 2016 is now generally due
name and social security number (SSN) on the
Nominees. If you received a Form 1099-DIV that
April 18, 2017, but FinCEN is providing an automatic
statements and attach them at the end of your return.
includes ordinary dividends you received as a
extension for all filers until October 16, 2017. See
nominee (that is, in your name, but the ordinary
Part I. Interest
for details.
dividends actually belong to someone else), report
▲
If you are required to file FinCEN Form
Line 1. Report on line 1 all of your taxable interest.
the total on line 5. Do this even if you later
!
114 but don't properly do so, you may
Taxable interest generally should be shown on your
distributed some or all of this income to others.
have to pay a civil penalty up to
Forms 1099-INT, Forms 1099-OID, or substitute
Under your last entry on line 5, put a subtotal of all
$10,000. A person who willfully fails to
statements. Include interest from series EE, H, HH,
ordinary dividends listed on line 5. Below this
CAUTION
report an account or provide account
and I U.S. savings bonds. Also include any accrued
subtotal, enter “Nominee Distribution” and show the
identifying information may be subject to a civil
market discount that is includible in income. List each
total ordinary dividends you received as a nominee.
penalty equal to the greater of $100,000 or 50% of
payer’s name and show the amount. Don't report on
Subtract this amount from the subtotal and enter the
the balance in the account at the time of the
this line any tax-exempt interest from box 8 or box 9
result on line 6.
violation. Willful violations may also be subject to
of Form 1099-INT. Instead, report the amount from
If you received dividends as a nominee,
criminal penalties.
box 8 on line 8b of Form 1040A or 1040. If an amount
you must give the actual owner a Form
TIP
is shown in box 9 of Form 1099-INT, you generally
Line 7b. If you are required to file FinCEN Form 114,
1099-DIV (unless the owner is your spouse)
must report it on line 12 of Form 6251. See the
enter the name of the foreign country or countries in
and file Forms 1096 and 1099-DIV with the
Instructions for Form 6251 for more details. For more
the space provided on line 7b. Attach a separate
IRS. For more details, see the General
information on market discount and other investment
statement if you need more space.
Instructions for Certain Information Returns and the
income, see Pub. 550.
Instructions for Form 1099-DIV.
Line 8. If you received a distribution from a foreign
Seller-financed mortgages. If you sold your
trust, you must provide additional information. For
Part III. Foreign Accounts and
home or other property and the buyer used the
this purpose, a loan of cash or marketable securities
Trusts
property as a personal residence, list first any
generally is considered to be a distribution. See
interest the buyer paid you on a mortgage or other
Form 3520 for details.
Regardless of whether you are required
form of seller financing. Be sure to show the buyer’s
If you were the grantor of, or transferor to, a
to file FinCEN Form 114 (FBAR), you
name, address, and SSN. You must also let the
TIP
foreign trust that existed during 2016, you may have
may be required to file Form 8938,
buyer know your SSN. If you don't show the buyer’s
to file Form 3520.
Statement of Specified Foreign
name, address, and SSN, or let the buyer know your
Financial Assets, with your income tax
Don't attach Form 3520 to Form 1040. Instead, file
SSN, you may have to pay a $50 penalty.
return. Failure to file Form 8938 may result in
it at the address shown in its instructions.
Nominees. If you received a Form 1099-INT that
penalties and extension of the statute of limitations.
If you were treated as the owner of a foreign trust
includes interest you received as a nominee (that is, in
See for more information.
under the grantor trust rules, you are also
your name, but the interest actually belongs to
Line 7a–Question 1. Check the “Yes” box if at any
responsible for ensuring that the foreign trust files
someone else), report the total on line 1. Do this even
time during 2016 you had a financial interest in or
Form 3520-A. Form 3520-A is due on March 15,
if you later distributed some or all of this income to
signature authority over a financial account located
2017, for a calendar year trust. See the instructions
others. Under your last entry on line 1, put a subtotal
in a foreign country. See the definitions that follow.
for Form 3520-A for more details.
of all interest listed on line 1. Below this subtotal, enter
Check the “Yes” box even if you aren't required to
“Nominee Distribution” and show the total interest you
file FinCEN Form 114.
received as a nominee. Subtract this amount from the
subtotal and enter the result on line 2.
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