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Common questions about 1040 Schedule B in Lacerte

SOLVEDby Intuit52Updated June 06, 2023

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

Table of contents:

Why isn't Lacerte generating the Schedule B?
Per the IRS Schedule B Instructions (1040)
How do I force the Schedule B to print?
To force the Schedule B to print for a specific client file
To force the Schedule B to print for all clients
Where do I enter excludable series EE and I interest on Schedule B, line 3?
Where do I enter line 7a for financial interests in a foreign country?

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.

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How do I force the Schedule B to print?

  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 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).

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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).

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Where do I enter excludable series EE and I interest on 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.
  4. Enter any applicable fields under the School, Financial Institution, or QTP subsection:
    • Name
    • Street address
    • City
    • State
    • ZIP Code
    • 1=Coverdell ESA, 2=QTP

Back to Table of ContentsPCG_ASSET_spacer_11px.pngA black and white photo of a street light.

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

  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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