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Common questions about 1040 Schedule B in ProConnect Tax

SOLVEDby Intuit4Updated June 06, 2023

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

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?
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 ProConnect generating the Schedule B?

ProConnect Tax 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. From the Input Return tab, go to Income Interest Income (1099-INT, 1099OID).
  2. Click General Information at the top right.
  3. Enter a 1 in the input titled 1=force Schedule B to print, 2=when applicable [Override].

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Where do I enter excludable series EE and I interest on Schedule B, line 3?

  1. From the Input Return tab, go to Income Interest Income (1099-INT, 1099OID).
  2. Click the blue Details button on the right.
  3. Go to the US Savings Bonds tab.
  4. Scroll down to the Series EE and I Bonds Issued After 1989 (8815) section.
  5. Enter the First name and Last name fields in the Student subsection.
  6. 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. From the Input Return tab, go to Income Interest Income (1099-INT, 1099OID).
  2. Click the blue Details button.
  3. Scroll down to the Foreign Account and Foreign Tax Credit subsection.
  4. Enter any applicable information in this section.

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