IRS Form 1040 Schedule B is where you enter your information concerning Interest and Dividends on your tax return. IRS Instructions for Schedule B contains information on what should be included and where they should be included on the Schedule. Review these instructions and answer the following items: 1. The interest income from several different forms could be included inline 

1. According to the instructions, which forms could have information with income to include here? 

2. What does the IRS consider to be seller-financed mortgage interest? 

3. What does the IRS consider to be accrued interest? 

4. What are some examples of tax-exempt interest and how should they be treated? 

5. Where should you report your Ordinary Dividends and how should ordinary dividends received as a nominee be treated?

Answer rating: 100% (QA)

1 The forms that could have information with income to include here are Forms 1099INT 1099OID and 10... View the full answer