The IRS allows a return with interest totaling $1,500 or less and ordinary dividends totaling $1,500 or less, and not meeting any of the other requirements for needing to include Schedule B in the return, to report the interest and dividends (and capital gains distributions on Form 1099-DIV, if any) directly on Form 1040.
In the Income menu in the Form 1040 individual income tax return in TaxSlayer Pro are two menu lines for interest and dividends, one for reporting on Schedule B and one for reporting directly on Form 1040. You can use one or the other but not both.
If the return includes entries on Schedule B and you select Interest or Dividends (Less than $1500) you will receive this message:
This return contains a Schedule B. You must
delete the Schedule B to use this option.
If you'd like to remove Schedule B so that you can enter interest and dividends directly onto Form 1040, from the Main Menu of the tax return (Form 1040) select:
- Income
- Interest or Dividends (Sch B, 8815) - Select the Other button.
- Remove Schedule B - Select YES to confirm.
- Interest or Dividends < $1500 - Enter the total of interest and dividends and also capital gains reported on Form(s) 1099-DIV, if any.
Additional Information: