The Form 1099-INT is filed to report the amount of interest income paid to a recipient. In general, all interest income is taxable to U.S. taxpayers; however, there are exclusions for municipal bond interest.
Taxpayers who purchase bonds between interest payment dates may need to account for accrued bond interest income and expense. In this video, we look at an example of how to account for the accrued interest.
The IRS Form 5471 is generally filed by U.S. persons that have an ownership interest or relationship with a controlled foreign corporation (CFC). The Schedule B reports information on all of the U.S. shareholders of the foreign corporation, both direct and indirect ownership.
The Form 1120 corporate income tax return may require a Schedule B attachment for corporations required to complete Schedule M-3. Schedule B contains additional questions about the corporation.
When a taxpayer receives dividend income from ownership in a corporation, the dividend distributions are reported on Form 1099-DIV. This information can be used to complete Schedule B of a taxpayer's Form 1040.
Schedule B is used to report interest and dividend income on a taxpayer's Form 1040 income tax return. This article and video tutorial cover a sample Schedule B tax filing.
The Form 1099-INT reports the gross amount of interest income paid to a taxpayer during the year. Taxpayers use this information to complete their personal income tax returns.
Form 1099-INT reports the amount of interest income paid to a recipient for a given tax year. This example covers where to report these amounts on Schedule B of the Form 1040 (US Individual Income Tax Return).
