Schedule B - Other Menu

How Can I Complete Schedule B Part III? 

Schedule B Part III must be completed in the event that either the cumulative interest minus the excludable interest on series EE and I U.S savings bonds granted post 1989 or in the event that total dividends are more than $1,500.  To access and complete Part III of Schedule B: 

• Go to the Main Menu of the tax return (Form 1040) 
• From the Menu, select Income 
• Proceed to Interest or Dividends (Sch B, 8815) 
• Click on the Other button
• Then click on the “Schedule B Questions/Form 8815 to access and answer questions in Part III as well as to prepare Form 8815, Exclusion of Interest jFrom Series EE and I U.S Savings Bonds Issued After 1989. 

• Financial Account in a Foreign Country - Provide an answer to those questions inquiring on foreign banking and securities accounts. It may be required of the taxpayer to file FinCEN 114. Click Here for additional information about the requirements. 
• Transferor or Grantor to a Foreign Trust - In case your answer to this question is YES, then it may be required of your client to file Form 3520, Annual Return To Report Transactions With Foreign Trusts and Receipt of Certain Foreign Gifts. Form 3520 may in itself require Form 4970, Tax Accumulation Distribution of Trusts. Taxx Savage Pro does not have these forms. When mailing the forms to the IRS, mail them separate from the tax return. Check out Form 3520 instructions to know if it is required. 
• Excludable Interest from Form 8815 - Complete Form 8815. 

• Remove Schedule B - In case Schedule B was mistakenly prepared, select this line to remove it. After doing so, interests and dividends are to be entered in the return in the income line “Interest or Dividends (Less than $1500)”.