In today's video, we're going to discuss Schedule B, also known as interest and ordinary dividends. If you are a US taxpayer, make sure you watch this video from Port information that could save you money and show you how to report your taxes correctly. Hi, I'm Patrick Evans, founder of US tax practice. I'm a US certified public accountant based in Switzerland, servicing US taxpayers here and in the rest of Europe. When I know, I'm in the business helping fellow US taxpayers with their US tax preparation, compliance, or make reporting and expatriation. Okay, let's get started. What is the purpose of Schedule B? Schedule B reports the interest and dividend income you receive during a tax year. It is also used in the case if you want for an account. However, you don't need to attach a Schedule B every year you earn interest or dividends. It is only required when the total exceeds certain thresholds and/or you have a foreign financial account. In 2016, for example, a Schedule B is only necessary when you receive more than $1,500 of taxable interest or dividends or have an interest or signature authority over a foreign financial account. This is really confusing because many people aren't including Schedule B if they don't have interest or dividends, but it still must be included to indicate if you have a foreign account. That's very important. What is taxable interest income? This includes the interest you earn in a bank savings account or from corporate bonds you invest in. However, if you earn interest on a Series I or EE savings bonds issued after 1989 or from certain municipal bonds, you can exclude this income from your tax return and Schedule B. Generally, the bank or entity paying the interest will report...
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1099-div Form: What You Should Know
Form W-2 and a Schedule C will work in your favor — IRS You may receive a Form 1099-DIV if your mutual fund receives a distribution from your IRA that includes both qualified and unqualified dividends. You may be eligible for a 1099-DIV if you receive a U.S. federal income tax, social security, Medicare, and other withholding and payment from your individual retirement account, including annuities and annuities-pensions, that also includes qualified dividends paid to you. If your mutual fund distribution is not includible in your taxable income, it does not report in box 2 of Form 1099-DIV. How do I report Form 1099-DIV on my income tax return? Your income tax return is the filing of which you must file. If your income is below certain thresholds (which can vary by year), you will have to pay an additional 3.8% tax rate on this income for 2010. Why did I receive Form 1099-DIV (Dividends and Distributions)? What would I get if I never receive this form? (If your income falls below certain thresholds) Form 1099-DIV. The IRS reports dividend and distribution income to you. You may receive and receive Forms 1099-DIV from these individuals: Your broker. Your account manager. Your payroll specialist. Your lawyer. Your accountant. If this form includes amounts belonging to another person, you are considered a nominee recipient. You must fill out this 1099-DIV form. Your broker. If the brokerage account for which you are collecting dividends or other distributions contains dividends, capital gains, or other forms of income, then the broker is collecting these amounts and sending them on to you. The brokerage account for which you are collecting dividends, capital gains, or other forms of income, then the broker is collecting these amounts and sending them on to you. Your account manager. If the brokerage account for which you are collecting dividends or other distributions contains dividends, capital gains, or other forms of income, then this form is sent to the manager of the account. The manager can't tell you who you have paid your dividends to yet, but the manager can see your account statements, so he knows who you have paid you money to. If the brokerage account for which you are collecting dividends, capital gains, or other forms of income, then this form is sent to the manager of the account.
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