Schedule B Instructions

1. Ignore Schedule A. You most likely don't want to use it (unless you own a house).

Write your name and social security number at the top.

1. Number 1: Write the names of any banks you received 1099-INTs from. On the right, write the interest earned in those savings accounts and CDs.
2. Number 2: Total all the lines from number 1.
3. Number 3: Leave blank (unless you have excludable interest from U.S. savings bonds.
4. Number 4: Subtract 3 from 2.
5. Number 5: Write the names of stocks or mutual funds you received 1099-DIVs from. On the right, write the dividends paid by these stocks and mutual funds.
6. Number 6: Total all the lines from number 5.
7. Number 7a: If you had over $10,000 in Japanese bank accounts at any one time during 2003, you have to check "Yes," write Japan on the line at 7b, and file another form with the Department of the Treasury. The reason for this is that the government is cracking down on people dodging taxes using foreign bank accounts and trusts. So if you saved up a lot of money to send home all at once, you will have to file this form. Do NOT send it with your tax return. If you didn't have that much money, check "No" instead.
8. Number 8: Most people will check "No".

You're finished! Include this form with your 1040 when you file your return.

Note that Schedule B mentions in some places that you only need to file it if line 4 or 6 is over $1,500. However, if you have a foreign interest in a bank account, you have to file it. It is unclear if you have less than $10,000 in the bank account if you still have to file Schedule B. Since it is unclear, I recommend filing it.

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