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1040 schedule b Form: What You Should Know

B : “Interest” Income or “Ordinary Dividends” Interest is interest income, including interest earned on money deposited or guaranteed and interest on the proceeds of any trust, to the extent includible in gross income. Ordinary dividends are dividends distributed from a corporate stock on which ordinary income is includible (e.g., interest and dividends from a partnership), to the extent interest or dividends are received in a taxable year that includes a qualified dividend or qualified dividend inclusion period (as defined in section 901(a)(31)). To determine the amount in an income tax return for interest and dividends, enter the total amount for each of your years of interest and dividends in Box 1, then attach Boxes 2 through 6 to your tax return to determine your earned income. For information about filing Schedule B, go to . If you do not receive dividends for some years, file Schedule B for those years. What is “Qualified Dividends” or “Qualified Dividends Inclusion Periods”? A qualified dividend is any dividend distribution in any taxable year that has an Ordinary Dividend Period that ends after December 31, 2014. For a taxable year ending after December 31, 2016, and before January 1, 2017, a qualified dividend includes any dividend you received from an exempt S corporation (including any unincorporated business that doesn't have a tax return but has a qualified board of management and that is subject to tax under section 872(5) but doesn't include an active trade or business). For a taxable year ending after December 31, 2018, and before January 1, 2019, a qualified dividend includes any dividend you received from a C corporation, S corporation, or partnership. A dividend from a qualified S corporation is a dividend that is included in your gross income. The Qualified Dividend Period is divided into four parts. In the first part, a “qualified dividend” is any taxable dividend and/or interest payments: 1. Withheld Dividends (see the paragraph above on withholding) 2. Net Dividends If the qualified dividend has any of the following, the dividends are generally net dividends: 2.1. A dividend that is excluded from the gross income of the corporation under section 83 because it is from a dividend equivalent to (i) a passive activity or (ii) a passive income strategy and that the corporation uses in one of the ways described in either or (ii) 2.

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