1040 Schedule B Form 2023-2024

1040 Schedule B 2024 Form: What You Should Know

Form IL-1040, Line 12, and in Form W-2 Instructions, Line 4a. 2 Add the sum of Form CT-5, or Form CT6, and Form 1099-INT (or 1099-INT-EZ) and report it next to the first Form 1040, Line 9 and Schedule B, Form 1040A; or, as reported on Form 1040 -NR, Line 11 (or line 2 of Schedule B). 3 Subtract the amount of the child's federal income tax for the year from the amount of Form CT-5, or Form CT6, and Form 1099-INT (or 1099-INT-EZ) and add that amount to Form CT-5, or Form CT6, and Form 1099-INT (or 1099-INT-EZ), or Form 1099-DIV, and report it next to Form 1040, Line 3 (or line 3 of Schedule B). 4 Enter the remainder for your child's unearned income on Form IL-1040, Table 1. Example. The child has 10,000 of unearned income. His unearned income was 5,000 for 2024 (the first year since becoming a student). Because he was a student in the first year, he is able to use the standard deduction amount of 5,000 (10, 0001/5,000) and the child tax credit amount of 1,000 (5,0001/5,000). His earned income of 5,000 (the first year after becoming a student) is zero, but his unearned income was 5,000 (10, 0001/5,000). He may use the “child tax credit” amount of 1,000 (the child tax credit amount + 1,000 – 5,000) to figure his total income tax for the year. Form 1040 is the only Schedule B filed with his federal income tax for the year. (Form 1040A or 1040 (Schedule B) does not be used by students and other dependents.) The income tax tables used to determine tax liability for income from interest and dividends are based on the tax law for the calendar year in which the tax period begins and ends. The Tax Analysts, Inc., has prepared this article in such a manner as to be applicable to the current tax year.

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