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Fillable Printable Form 1040 Schedule B

Fillable Printable Form 1040 Schedule B

Form 1040 Schedule B

Form 1040 Schedule B

SCHEDULE B
(Form 1040A or 1040)
Department of the Treasury
Internal Revenue Service (99)
Interest and Ordinary Dividends
Attach to Form 1040A or 1040.
Information about Schedule B and its instructions is at www.irs.gov/scheduleb.
OMB No. 1545-0074
2016
Attachment
Sequence No.
08
(Rev. January 2017)
Name(s) shown on returnYour social security number
Part I
Interest
(See instructions
on back and the
instructions for
Form 1040A, or
Form 1040,
line 8a.)
Note: If you
received a Form
1099-INT, Form
1099-OID, or
substitute
statement from
a brokerage firm,
list the firm’s
name as the
payer and enter
the total interest
shown on that
form.
1
List name of payer. If any interest is from a seller-financed mortgage and the
buyer used the property as a personal residence, see instructions on back and list
this interest first. Also, show that buyer’s social security number and address
1
Amount
2 Add the amounts on line 1..................2
3
Excludable interest on series EE and I U.S. savings bonds issued after 1989.
Attach Form 8815.....................
3
4
Subtract line 3 from line 2. Enter the result here and on Form 1040A, or Form
1040, line 8a......................
4
Note: If line 4 is over $1,500, you must complete Part III.
Amount
Part II
Ordinary
Dividends
(See instructions
on back and the
instructions for
Form 1040A, or
Form 1040,
line 9a.)
Note: If you
received a Form
1099-DIV or
substitute
statement from
a brokerage firm,
list the firm’s
name as the
payer and enter
the ordinary
dividends shown
on that form.
5
List name of payer
5
6
Add the amounts on line 5. Enter the total here and on Form 1040A, or Form
1040, line 9a ......................
6
Note: If line 6 is over $1,500, you must complete Part III.
Part III
Foreign
Accounts
and Trusts
(See
instructions on
back.)
You must complete this part if you (a) had over $1,500 of taxable interest or ordinary dividends; (b) had a
foreign account; or (c) received a distribution from, or were a grantor of, or a transferor to, a foreign trust.
Yes No
7a At any time during 2016, did you have a financial interest in or signature authority over a financial
account (such as a bank account, securities account, or brokerage account) located in a foreign
country? See instructions ........................
If “Yes,” are you required to file FinCEN Form 114, Report of Foreign Bank and Financial
Accounts (FBAR), to report that financial interest or signature authority? See FinCEN Form 114
and its instructions for filing requirements and exceptions to those requirements ......
b
If you are required to file FinCEN Form 114, enter the name of the foreign country where the
financial account is located
8 During 2016, did you receive a distribution from, or were you the grantor of, or transferor to, a
foreign trust? If “Yes,” you may have to file Form 3520. See instructions on back ......
For Paperwork Reduction Act Notice, see your tax return instructions.
Cat. No. 17146N Schedule B (Form 1040A or 1040) 2016
Schedule B (Form 1040A or 1040) 2016
Page 2
General Instructions
Future Developments
For the latest information about developments
related to Schedule B (Form 1040A or 1040) and its
instructions, such as legislation enacted after they
were published, go to www.irs.gov/scheduleb.
What's New
The due date for filing FinCEN Form 114 has
changed. See below.
Purpose of Form
Use Schedule B 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 reducing your interest income on a bond
by the amount of 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 transferor to, a foreign trust.
Specific Instructions
TIP
You can list more than one payer on
each entry space for lines 1 and 5, but
be sure to clearly show the amount paid
next to the payer's name. Add the
separate amounts paid by the payers
listed on an entry space and enter the total in the
“Amount” column. If you still need more space, attach
separate statements using the same format as lines 1
and 5, but show your totals on Schedule B. Put your
name and social security number (SSN) on the
statements and attach them at the end of your return.
Part I. Interest
Line 1. Report on line 1 all of your taxable interest.
Taxable interest generally should be shown on your
Forms 1099-INT, Forms 1099-OID, or substitute
statements. Include interest from series EE, H, HH,
and I U.S. savings bonds. Also include any accrued
market discount that is includible in income. List each
payer’s name and show the amount. Don't report on
this line any tax-exempt interest from box 8 or box 9
of Form 1099-INT. Instead, report the amount from
box 8 on line 8b of Form 1040A or 1040. If an amount
is shown in box 9 of Form 1099-INT, you generally
must report it on line 12 of Form 6251. See the
Instructions for Form 6251 for more details. For more
information on market discount and other investment
income, see Pub. 550.
Seller-financed mortgages. If you sold your
home or other property and the buyer used the
property as a personal residence, list first any
interest the buyer paid you on a mortgage or other
form of seller financing. Be sure to show the buyer’s
name, address, and SSN. You must also let the
buyer know your SSN. If you don't show the buyer’s
name, address, and SSN, or let the buyer know your
SSN, you may have to pay a $50 penalty.
Nominees.If you received a Form 1099-INT that
includes interest you received as a nominee (that is, in
your name, but the interest actually belongs to
someone else), report thetotal on line 1. Do this even
if you later distributed some or all of this income to
others. Under your last entry on line 1, put a subtotal
of all interest listed on line 1. Below this subtotal, enter
“Nominee Distribution” and show the total interest you
received as a nominee. Subtract this amount from the
subtotal and enter the result on line 2.
TIP
If you received interest as a nominee,
you must give the actual owner a Form
1099-INT (unless the owner is your
spouse) and file Forms 1096 and
1099-INT with the IRS. For more details,
see the General Instructions for Certain Information
Returns and the Instructions for Forms 1099-INT and
1099-OID.
Accrued interest. When you buy bonds between
interest payment dates and pay accrued interest to
the seller, this interest is taxable to the seller. If you
received a Form 1099 for interest as a purchaser of a
bond with accrued interest, follow the rules earlier
under Nominees to see how to report the accrued
interest. But identify the amount to be subtracted as
“Accrued Interest.”
Original issue discount (OID). If you are reporting
OID in an amount less than the amount shown on
Form 1099-OID, follow the rules earlier under
Nominees to see how to report the OID. But identify
the amount to be subtracted as “OID Adjustment.”
Amortizable bond premium. If you are reducing your
interest income on a bond by the amount of amortizable
bond premium, follow the rules earlier under Nominees
to see how to report the interest. But identify the amount
to be subtracted as “ABP Adjustment.”
Line 3. If, during 2016, you cashed series EE or I
U.S. savings bonds issued after 1989 and you paid
qualified higher education expenses for yourself,
your spouse, or your dependents, you may be able
to exclude part or all of the interest on those bonds.
See Form 8815 for details.
Part II. Ordinary Dividends
TIP
You may have to file Form 5471 if, in
2016, you were an officer or director of
a foreign corporation. You may also
have to file Form 5471 if, in 2016, you
owned 10% or more of the total
(a) value of a foreign corporation’s stock, or (b)
combined voting power of all classes of a foreign
corporation’s stock with voting rights. For details,
see Form 5471 and its instructions.
Line 5. Report on line 5 all of your ordinary
dividends. This amount should be shown in box 1a
of your Forms 1099-DIV or substitute statements.
Nominees.If you received a Form 1099-DIV that
includes ordinary dividends you received as a
nominee (that is, in your name, but the ordinary
dividends actually belong to someone else), report
the total on line 5. Do this even if you later
distributed some or all of this income to others.
Under your last entry on line 5, put a subtotal of all
ordinary dividends listed on line 5. Below this
subtotal, enter “Nominee Distribution” and show the
total ordinary dividends you received as a nominee.
Subtract this amount from the subtotal and enter the
result on line 6.
TIP
If you received dividends as a nominee,
you must give the actual owner a Form
1099-DIV (unless the owner is your spouse)
and file Forms 1096 and 1099-DIV with the
IRS. For more details, see the General
Instructions for Certain Information Returns and the
Instructions for Form 1099-DIV.
Part III. Foreign Accounts and
Trusts
TIP
Regardless of whether you are required
to file FinCEN Form 114 (FBAR), you
may be required to file Form 8938,
Statement of Specified Foreign
Financial Assets, with your income tax
return. Failure to file Form 8938 may result in
penalties and extension of the statute of limitations.
See www.irs.gov/form8938 for more information.
Line 7a–Question 1. Check the “Yes” box if at any
time during 2016 you had a financial interest in or
signature authority over a financial account located
in a foreign country. See the definitions that follow.
Check the “Yes” box even if you aren't required to
file FinCEN Form 114.
Financial account. A financial account includes,
but isn't limited to, a securities, brokerage, savings,
demand, checking, deposit, time deposit, or other
account maintained with a financial institution (or
other person performing the services of a financial
institution). A financial account also includes a
commodity futures or options account, an insurance
policy with a cash value (such as a whole life
insurance policy), an annuity policy with a cash
value, and shares in a mutual fund or similar pooled
fund (that is, a fund that is available to the general
public with a regular net asset value determination
and regular redemptions).
Financial account located in a foreign country.
A financial account is located in a foreign country if
the account is physically located outside of the
United States. For example, an account maintained
with a branch of a United States bank that is
physically located outside of the United States is a
foreign financial account. An account maintained
with a branch of a foreign bank that is physically
located in the United States isn't a foreign financial
account.
Signature authority. Signature authority is the
authority of an individual (alone or in conjunction
with another individual) to control the disposition of
assets held in a foreign financial account by direct
communication (whether in writing or otherwise) to
the bank or other financial institution that maintains
the financial account. See the FinCEN Form 114
instructions for exceptions. Don't consider the
exceptions relating to signature authority in
answering Question 1 on line 7a.
Other definitions. For definitions of “financial
interest,” “United States,” and other relevant terms,
see the instructions for FinCEN Form 114.
Line 7a–Question 2. See FinCEN Form 114 and its
instructions at www.fincen.gov/fbar to determine
whether you must file the form. Check the “Yes” box
if you are required to file the form; check the “No”
box if you aren't required to file the form.
If you checked the “Yes” box to Question 2 on line
7a, you must electronically file FinCEN Form 114
with Treasury's Financial Crimes Enforcement
Network; go to www.fincen.gov/fbar for details. Do
not attach FinCEN Form 114 to your tax return.
FinCEN Form 114 for 2016 is now generally due
April 18, 2017, but FinCEN is providing an automatic
extension for all filers until October 16, 2017. See
www.fincen.gov for details.
!
CAUTION
If you are required to file FinCEN Form
114 but don't properly do so, you may
have to pay a civil penalty up to
$10,000. A person who willfully fails to
report an account or provide account
identifying information may be subject to a civil
penalty equal to the greater of $100,000 or 50% of
the balance in the account at the time of the
violation. Willful violations may also be subject to
criminal penalties.
Line 7b. If you are required to file FinCEN Form 114,
enter the name of the foreign country or countries in
the space provided on line 7b. Attach a separate
statement if you need more space.
Line 8. If you received a distribution from a foreign
trust, you must provide additional information. For
this purpose, a loan of cash or marketable securities
generally is considered to be a distribution. See
Form 3520 for details.
If you were the grantor of, or transferor to, a
foreign trust that existed during 2016, you may have
to file Form 3520.
Don't attach Form 3520 to Form 1040. Instead, file
it at the address shown in its instructions.
If you were treated as the owner of a foreign trust
under the grantor trust rules, you are also
responsible for ensuring that the foreign trust files
Form 3520-A. Form 3520-A is due on March 15,
2017, for a calendar year trust. See the instructions
for Form 3520-A for more details.
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