B - Interest and Dividend Income

Tax Schedule B on Form 1040 is used by U.S. taxpayers to report interest and ordinary dividend income. It is necessary for taxpayers who receive more than a certain amount of taxable interest or dividends during the tax year. Schedule B requires the taxpayer to list the source and amount of interest and dividend income received. This form helps the IRS track income from these sources and is attached to and filed along with the taxpayer's Form 1040 or 1040-SR.