Page 183 - Individual Forms & Instructions Guide

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Department of the Treasury Schema: Leadpct: 100% Pt. size: 10 (Init. & Date) _______
Internal Revenue Service
2022 Instructions for Schedule B

Interest and Use Schedule B (Form 1040) if any of the following applies.
• You had over $1,500 of taxable interest or ordinary dividends.
Ordinary property as a personal residence.
• You received interest from a seller-financed mortgage and the buyer used the
Dividends • You have accrued interest from a bond.
• You are reporting original issue discount (OID) of less than the amount shown
on Form 1099-OID.
• You are reporting interest income of less than the amount shown on a Form 1099
due to 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 a 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 transfer-
or to, a foreign trust.
Section references are to the Internal bonds. Also include any accrued market line 1. Do this even if you later distrib-
Revenue Code unless otherwise noted. discount that is includible in income and uted some or all of this income to others.
Future Developments any gain on a contingent payment debt Under your last entry on line 1, put a
subtotal of all interest listed on line 1.
instrument that is includible in income
For the latest information about devel- as interest income. List each payer’s Below this subtotal, enter “Nominee
opments related to Schedule B (Form name and the amount. Don't report on Distribution” and show the total interest
1040) and its instructions, such as legis- line 1 any tax-exempt interest. See you received as a nominee. Subtract this
lation enacted after they were published, Tax-exempt interest, later, for more in- amount from the subtotal and enter the
go to IRS.gov/ScheduleB. formation. result on line 2.
For more information on stated inter- If you received interest as a
est, original issue discount (OID), mar- TIP nominee, you must give the ac-
Specific ket discount, contingent payment debt tual owner a Form 1099-INT

Instructions instruments, and premium, see Pub. 550 (unless the owner is your spouse) and
and Pub. 1212.
file Forms 1096 and 1099-INT with the
You can list more than one pay- Seller-financed mortgages. If you IRS. For more details, see the General
Instructions for Certain Information Re-
TIP er on each entry space for lines sold your home or other property and turns and the Instructions for Forms
1 and 5, but be sure to clearly the buyer used the property as a personal
show the amount paid next to each pay- residence, list first any interest the buyer 1099-INT and 1099-OID.
er’s name. Add the separate amounts paid you on a mortgage or other form of Accrued interest. When you buy
paid by the payers listed on an entry seller financing. Be sure to show the bonds between interest payment dates
space and enter the total in the buyer’s name, address, and SSN. You and pay accrued interest to the seller,
“Amount” column. If you still need must also let the buyer know your SSN. this interest is taxable to the seller. If
more space, attach separate statements If you don't show the buyer’s name, ad- you received a Form 1099 for interest as
using the same format as lines 1 and 5, dress, and SSN, or let the buyer know a purchaser of a bond with accrued in-
but show your totals on Schedule B. Put your SSN, you may have to pay a $50 terest, follow the rules earlier under
your name and social security number penalty. If you or the buyer do not have Nominees to see how to report the ac-
(SSN) on the statements and attach them an SSN, use the appropriate TIN for the crued interest. But identify the amount
at the end of your return. filer or recipient of Form 1098. For to be subtracted as “Accrued Interest.”
more information, see General
Part I. Interest Instructions for Certain Information Original issue discount (OID). If
Returns (2022). you are reporting OID in an amount less
Line 1. Report on line 1 all of your tax-
able interest. Taxable interest generally Nominees. If you received a Form than the amount shown in box 1 or
should be shown on your Forms 1099-INT that includes interest you re- box 8 of Form 1099-OID, follow the
1099-INT, Forms 1099-OID, or substi- ceived as a nominee (that is, in your rules earlier under Nominees to see how
tute statements. Include interest from name, but the interest actually belongs to report the OID. But identify the
series EE, H, HH, and I U.S. savings to someone else), report the total on amount to be subtracted as “OID Adjust-
B-1
Jul 07, 2022 Cat. No. 70541Y