How Do You Prepare Tax Schedule B?
If you have any income from interest or dividends, you need to prepare tax Schedule B. Though the form is complicated, if you take it step by step, you’ll have no problem accurately completing the IRS form for interest and dividends. Read on to learn how to prepare tax Schedule B. Divide your pile of 1099’s into 1099 INT, 1099 CID or substitute statement from a brokerage firm with interest on it, and 1099 DIV or substitute statement from a brokerage firm with dividends on it. The stack with the 1099 INT is the interest pile; the other is the dividend pile. Gather up any information on a mortgage held by you, for which you received interest. Also include land contract interest and personal loan interest that you may have received. This information goes with the interest stack. Total any interest from Series EE and I savings bonds. List who sent you the Interest 1099 forms and the amount that you received in the appropriate section of Schedule B. Add all of the amounts together and subtr
