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‎07-06-2022 12:44 PM

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Below, you'll find answers to frequently asked questions about the 1040 Schedule B in Lacerte.

In this article (select to jump to):

Why isn't Lacerte generating the Schedule B?

Lacerte will generate Schedule B if any Interest or Dividend item is greater than $1,500, or if the IRS has instructed to.

Per the IRS Schedule B Instructions (1040):

  • You had over $1,500 of taxable interest or ordinary dividends.
  • You received interest from a seller-financed mortgage and the buyer used the property as a personal residence.
  • You have accrued interest from a bond.
  • You are reporting OID in an amount less than the amount shown on Form 1099-OID.
  • You are reducing your interest income on a bond by the amount of amortizable bond premium.
  • You are claiming the exclusion of interest from series EE or I U.S. savings bonds issued after 1989.
  • You received interest or ordinary dividends as a nominee.
  • You had financial interest in, or signature authority over, a financial account in a foreign country or you received a distribution from, or were a grantor of, or transferor to, a foreign trust. Part III of the schedule has questions about foreign accounts and trusts."
 

If the combined Interest and Dividends is over $1,500, but a specific Interest or Dividend entry isn't over $1,500, the form won't generate.

How do I force the Schedule B to print?

To force the Schedule B to print for a specific client file:

  1. Go to Screen 11, Interest Income.
  2. Click on the General Information button.
  3. Enter a 1 in 1=force Schedule B to print, 2=when applicable [O] (code 53).

To force the Schedule B to print for all clients:

  1. Click Settings.
  2. Click Options.
  3. Select the Tax Return tab.
  4. Scroll down to the Federal Tax Options section.
  5. Select Force from the Schedule B option (Lacerte defaults to When applicable).

Where do I enter Line 3 - Excludable interest on series EE and I U.S. savings bonds issued after 1989?

To enter Schedule B, line 3:

  1. Go to Screen 11, Interest Income.
  2. Scroll down to the Series EE and I Bonds Issued After 1989 (8815) section.
  3. Enter the First name and Last name fields in the Student subsection.

Where do I enter line 7a for financial interests in a foreign country?

To enter Schedule B, line 7a:

  1. Go to Screen 11, Interest Income.
  2. Scroll down to the Foreign Account and Foreign Tax Credit section.
  3. Mark the checkbox labeled Interest in or authority over foreign account.
    • This will mark the first question on Schedule B, line 7a as "Yes."
  4. Enter the Name of foreign country (if FinCen Form 114 is required).
    • Entering the country name will mark the second question as "Yes" on Schedule B, line 7a.
      • Don't enter the country name if you need the second question marked "No" on line 7a.
    • Entering the country name will also add the name of the country to Schedule B, line 7b.

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