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April 11, 2023
Question

Ridiculous process - Schedule B issue

  • April 11, 2023
  • 1 reply
  • 0 views

Time and time again this software is trying to get me to upgrade due to needing to file a schedule B, which I do not. I deleted all my 1099s and put them in by hand, as suggested by several other posters, but this did not work. I know there is the hope I will just get frustrated and give up, but I will not. Please, TurboTax, everyone is struggling with this. Don't offer a free version if you're going to make it this difficult. Please, then, advise. I tried to call, trying to charge me for that, too.

1 reply

hbl3973
Employee
April 11, 2023

Hmmm.  The IRS says Schedule B is required if:

 

  • 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 original issue discount (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 a 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 not, then Schedule B is not required by the IRS, although I've found that TaxSlayer always generates a Schedule B even for $1 of interest or dividend.  Did you have anything exotic besides ordinary dividends, qualified dividends, or capital gains distributions?