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GENERATE SCHEDULE B ON INDIVIDUAL 1040

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Level 3

Hi!

Could someone please help me to generate Schedule B on a 1040?

My client has interest and dividend income and I have entered it all, including the EIN for the payers. I can see the Schedule B is filled out when I go to the "all" forms tab, but it is not printing in the pdf, and it is not generating in the "applicable" forms tab.

This is my first time using this software. I am used to prosystems tax or axcess and I do not understand why this won't generate.

Thanks so much

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1 Solution

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Highlighted
Level 15

Schedule B will be generated if it is required.  It is required only if any of the following applies to your client:

  • Taxable interest or ordinary dividends total over $1,500;

  • Received interest from a seller-financed mortgage and the buyer used the property as a personal residence;

  • Had accrued interest from a bond;

  • Reporting OID of less than amount shown on 1099-OID;

  • Reporting interest income of less than amount shown on a Form 1099 for bond premium amortization;

  • Claiming exclusion of interest from series EE or I U.S. savings bonds issued after 1989;

  • Received interest or ordinary dividends as a nominee;

  • Had a financial interest in, or signature authority over, a financial account in a foreign country or received a distribution from, or were a grantor of, or transferor to, a foreign trust.

     

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Still an AllStar

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8 Replies 8
Highlighted
Level 15

Schedule B will be generated if it is required.  It is required only if any of the following applies to your client:

  • Taxable interest or ordinary dividends total over $1,500;

  • Received interest from a seller-financed mortgage and the buyer used the property as a personal residence;

  • Had accrued interest from a bond;

  • Reporting OID of less than amount shown on 1099-OID;

  • Reporting interest income of less than amount shown on a Form 1099 for bond premium amortization;

  • Claiming exclusion of interest from series EE or I U.S. savings bonds issued after 1989;

  • Received interest or ordinary dividends as a nominee;

  • Had a financial interest in, or signature authority over, a financial account in a foreign country or received a distribution from, or were a grantor of, or transferor to, a foreign trust.

     

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Still an AllStar

View solution in original post

Highlighted
Level 15

If you must, you can force-print Sch B:

  1. Click on Income > Interest Income (1099-INT, 1099-OID);
  2. Click on General Information in tiny prints in the top-right corner;
  3. On the line for 1=force Schedule B to print, 2=when applicable [Override], enter 1.
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Still an AllStar
Highlighted
Level 3

Thank you for this - it is less than $1500 so that is the issue. In my experience we always have had the Schedule B print! I may force it to print. I like to see it.

Thank you to everyone for your responses 🙂

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Level 15

I use ProSeries and I always like to have it print too.

ex-AllStar, ex-Lutefisk taste taster, ex-ACME product tester
and ex marks the spot where those rocks and anvils hit me.
Highlighted
Level 15

Same here.  I always have it printed regardless.

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Still an AllStar
Highlighted
Level 15

If the total is under $1500, it isn't required so the system won't automatically print it.

ex-AllStar, ex-Lutefisk taste taster, ex-ACME product tester
and ex marks the spot where those rocks and anvils hit me.
Highlighted
Level 15
Level 15

Sch B isnt required unless the total is above a certain dollar amount (I think its $1500?  maybe $2500...I cant remember), so Im guessing that may be why youre not seeing it.  

I use ProSeries and I have to go into my print settings and tell it to always print Sch B if it contains any data....because i want to see it, even if theres only $12 shown on it!

Not many of us are very familiar with PTO in here  @itonewbie  and @George4Tacks  seem to be the ones that consistently answer PTO questions, maybe one of them are around to help out.


♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
Highlighted
Level 15
Level 15
Ahh, I was slow to the button to send LOL

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
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