ID Form 1040 (Schedule B) 2024-2025

ID Form 1040 (Schedule B): What You Should Know

Mar 13, 2025 — This schedule is for tax years beginning after December 31, 2017. Mar 22, 2025 — For tax year ending on or before January 1, 2023. This includes interest from series EE, H, HH, and I U.S. savings. Interest should be shown on Form 1099-INT, Form 1099-OID, or substitute statements. Interest from series EE, H, HH, I U.S. savings must be shown on Form 1098-C, Schedule D, or substitute statements. A substitute statement is a statement of the tax withheld. For more information, see Form 1099-INT, 1099-OID, and substitute statements. You must complete Form 1099 and other forms for interest and dividend income. If you have a federal Form 1040, Schedule B is not required unless the amount of interest or dividend income received exceeds 1,250 in anyone tax year. Example: Your taxable interest income is 2,000 (the maximum amount on form 1040) and the tax you must file is 650. That is not enough for Schedule B to be not required. If there is more than one spouse, you can have one Form 1040 Schedule B. The interest and dividends received should appear separately under a separate line for each spouse. If the amount of the interest or dividend income exceeds 1,250, report the 1,250 from each spouse separately on Form 1040. However, if you use only Form 1040 as your reporting form, report the entire amount of interest or dividends received on your income tax return. Do not include any other interest or dividends received if you do not receive the amount of interest or dividend income that is the entire excess of all other interest and dividends in the filing statement. The filing statement for the year indicates whether interest or dividend income was reported to you in its entirety, in part, or not at all. If you do not receive the entire amount of interest or dividend income, report less than the full amount of interest and dividend income. Do not enter more than one of these codes for the same income. In this situation, you cannot claim this form for interest income and tax paid for any year for which you did not receive the entire amount you were entitled to receive on Form 1099-INT, 1099-OID, or substitute statements for. Do not forget that you must pay the estimated return as well as tax for the year of the return.

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