2023 Form 1040 Schedule B - Interest And Ordinary Dividends
The 2023 Form 1040 Schedule B is a supplemental form used in conjunction with the Form 1040 to report interest and ordinary dividend income. This schedule is used to provide a detailed breakdown of interest and dividend income received by the taxpayer during the tax year.
What is Reported on Schedule B?
Schedule B is used to report the following:
- Interest income: This includes interest earned on bank accounts, certificates of deposit (CDs), bonds, and other investments.
- Ordinary dividend income: This includes dividends received from domestic and foreign corporations, as well as mutual funds and other investments.
Types of Interest and Dividend Income Reported on Schedule B
Some examples of interest and dividend income reported on Schedule B include:
- Bank interest: Interest earned on checking and savings accounts, CDs, and other bank deposits.
- Bond interest: Interest earned on government and corporate bonds.
- Mutual fund dividends: Dividends received from mutual fund investments.
- Stock dividends: Dividends received from individual stocks.
- Foreign interest and dividends: Interest and dividends earned from foreign investments.
Importance of Schedule B
Schedule B is an essential form for taxpayers who receive significant interest and dividend income. Accurate completion of this schedule ensures that taxpayers report their income correctly and claim any applicable deductions or credits.
For the current year's Form 1040 Schedule B, click here.