Below, you'll find answers to frequently asked questions about the 1040 Schedule B in Lacerte.
Table of contents:
Why isn't Lacerte generating the Schedule B?
Lacerte will generate Schedule B if any Interest or Dividend item is greater than $1,500, or if the IRS has instructed to.
Per the IRS Schedule B Instructions (1040):
- You had over $1,500 of taxable interest or ordinary dividends.
- You received interest from a seller-financed mortgage and the buyer used the property as a personal residence.
- You have accrued interest from a bond.
- You are reporting OID in an amount less than the amount shown on Form 1099-OID.
- You are reducing your interest income on a bond by the amount of amortizable bond premium.
- You are claiming the exclusion of interest from series EE or I U.S. savings bonds issued after 1989.
- You received interest or ordinary dividends as a nominee.
- You had financial interest in, or signature authority over, a financial account in a foreign country or you received a distribution from, or were a grantor of, or transferor to, a foreign trust. Part III of the schedule has questions about foreign accounts and trusts."
If the combined Interest and Dividends is over $1,500, but a specific Interest or Dividend entry isn't over $1,500, the form won't generate.
How do I force the Schedule B to print?
- Go to Screen 11, Interest Income.
- Click on the General Information button.
- Enter a 1 in 1=force Schedule B to print, 2=when applicable [O] (code 53).
To force the Schedule B to print for a specific client file:
- Go to Screen 11, Interest Income.
- Click on the General Information button.
- Enter a 1 in 1=force Schedule B to print, 2=when applicable [O] (code 53).
To force the Schedule B to print for all clients:
- Click Settings.
- Click Options.
- Select the Tax Return tab.
- Scroll down to the Federal Tax Options section.
- Select Force from the Schedule B option (Lacerte defaults to When applicable).
Where do I enter excludable series EE and I interest on Schedule B, line 3?
- Go to Screen 11, Interest Income.
- Scroll down to the Series EE and I Bonds Issued After 1989 (8815) section.
- Enter the First name and Last name fields in the Student subsection.
- Enter any applicable fields under the School, Financial Institution, or QTP subsection:
- Name
- Street address
- City
- State
- ZIP Code
- 1=Coverdell ESA, 2=QTP
Where do I enter line 7a for financial interests in a foreign country?
- Go to Screen 11, Interest Income.
- Scroll down to the Foreign Account and Foreign Tax Credit section.
- Mark the checkbox labeled Interest in or authority over foreign account.
- This will mark the first question on Schedule B, line 7a as "Yes."
- Enter the Name of foreign country (if FinCen Form 114 is required).
- Entering the country name will mark the second question as "Yes" on Schedule B, line 7a.
- Don't enter the country name if you need the second question marked "No" on line 7a.
- Entering the country name will also add the name of the country to Schedule B, line 7b.
- Entering the country name will mark the second question as "Yes" on Schedule B, line 7a.
Related topics
- How to enter 1099-DIV exempt-interest dividends for an individual return in Lacerte
- Entering dividend income from Form 1099-DIV in Lacerte
- Entering 1099-DIV box 9 and box 10 in Lacerte
- How to enter 1099-INT or 1099-DIV tax-exempt interest in Lacerte
- Entering Form 1099-INT interest income in the Individual module of Lacerte