What is Schedule B?
Schedule B is required when total interest or total ordinary dividends exceed $1,500. It lists each payer individually. Part I covers interest income (from 1099-INT) and Part II covers ordinary dividends (from 1099-DIV).
SupportedKey Lines
| Part | Line | Description | Source |
|---|---|---|---|
| Part I | Lines 1–4 | Individual interest payers | From 1099-INT slots |
| Part I | Line 4 | Total interest | Aggregated from all 1099-INT |
| Part II | Lines 5–6 | Individual dividend payers | From 1099-DIV slots |
| Part II | Line 6 | Total ordinary dividends | Aggregated from all 1099-DIV Box 1a |
How PaisaTax Handles It
- Fully computed — Schedule B auto-populates from all 1099-INT and 1099-DIV slots
- No preparer input needed — payer names and amounts come from the source documents
- Part I total flows to Form 1040 Line 2b (taxable interest)
- Part II total flows to Form 1040 Line 3b (ordinary dividends)