Form 1040 (Schedule B) North Carolina 2024-2025

Form 1040 (Schedule B) North Carolina: What You Should Know

SCHEDULE B (Form 1040). Department of the Treasury. Internal Revenue Code of 1986, sections 6551 through 6670; Tax Reform Act of 1986, sections 2025 through 2013. The amount of the interest or dividends you have to include on your income tax return. The amount of the interest or dividends you must report. The amount of the interest or dividends you can include. An explanation of whom you must pay the interest or dividends to if you do not pay the interest or dividends yourself. Schedule B (Form 1040) — IRS Form 1040 — Instructions—Section 6015 Notice: Effective for the 2025 tax year: Effective for the 2025 tax year: Interest paid on non-business Federal Reserve notes. See: Notice 2012-20, 2012-21 I.R.B. 609. Form 1040 — Instructions — Sections 6016 through 6209. Section 6015(c) applies to interest paid using Form 1099-B. Note: This section covers the following items: Interest paid on notes. The term “interest” in this subsection of Form 1040 (section 6015) means payment, the payment of which is dependent on its occurrence or future occurrence. For tax-exempt bonds, payments made with respect to principal and interest are called “interest payments.” For income tax-exempt securities (securities issued by an incorporated company), interest payments are paid on or with respect to the securities issued. Payment of interest on the securities, or both, occurs when we make them, whether we have made any payment of cash or in kind. Interest paid on municipal bonds (securities issued by a State or other political subdivision) is described under Section 6016. Interest on notes or bonds issued separately from municipal bonds by one person but paid or redeemed by the same person are also described under Section 6016. Any payments described under Section 6016 must be reported on a separate Schedule 1095, Interest and Distributions From Retirement Plan or Other Individual Retirement Arrangement (including Roth IRA), if any, reported in connection with the distribution of funds from those plans. See Notice 2014-20, 2014-20 I.R.B. 609.

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