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Interest treatment 2018

Level 1

1, Martin received $4,400 interest on Los Angeles school district bonds. 

2, Market received $5,300 interest from Myrrill lynch money market account. 

3, Martin received $10,000 of a dividend on ford motor company stock that he has owned for over 2 years.

Where we will show these items also are they taxable or exempt? preparing tax return of 2018. I want details of these items to write on it.


Best Regards


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2 Comments 2

F6 to access the Open Forms screen | B [enter] | Jumps to Schedule B input worksheets. You will see the Dividend & Interest Worsheet | Use QuickZoom to access worksheet. Also includes Tax Exempt Interest worksheet. 

Hope that helps. 

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- Enter the L.A. school district bonds on the Interest Income Smart Worksheet.  The 1099-INT will indicate if these bonds are taxable (they're probably tax-exempt).  The interest will be reported on Schedule B (if taxable) and Form 1040, line 2.

- Enter the Merrill Lynch money market account on the Interest Income Smart Worksheet (typically taxable).  It will be reported on Schedule B and Form 1040, line 2.

- Enter the dividends from Ford on the Dividend Income Smart Worksheet (typically taxable).  They will be reported on Schedule B and Form 1040, line 3.

Schedule B is required if you have over $1,500 of taxable interest and dividends.

Thank you,

Mike D'Avolio