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GENERATE SCHEDULE B ON INDIVIDUAL 1040

Forum|Forum|6 years ago
June 4, 2020
3 replies
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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

ProConnect Tax Online

This topic has been closed for replies.

Best answer by itonewbie

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.

itonewbieAnswer

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.

---------------------------------------------------------------------------------Still an AllStar

itonewbie

Level 15

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

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

---------------------------------------------------------------------------------Still an AllStar

IRonMaN

Level 15

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

Slava Ukraini!

Just-Lisa-Now-

Intuit Community Champion

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♥¸¸.•*¨*•♫♪

Just-Lisa-Now-

Intuit Community Champion

Ahh, I was slow to the button to send LOL

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪

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