This form is used to report ordinary dividends over $400 and to report taxable interest income over $400. This form is also used to claim the exclusion of interest from series EE U.S. savings bonds issued after 1989.
You should file this form only if you are filing Form 1040A (as opposed to Form 1040).
To enter your interest and dividend items, use our 1099-INT/1099-OID and 1099-DIV worksheets. Information flows from there to the Interest Income Summary and the Dividend Income Summary, and from there to Schedule 1 if you have X'd "1040A" at the top of our Do You Need Form 1040? Worksheet.
If there are 9 or fewer interest items entered on the Interest Income Summaries, we carry the amount of interest (and the payer's name) for each of those items to the appropriate places on line 1 of Schedule 1.
If, among those 9 or fewer interest items entered on the Interest Income Summaries, there are items designated as tax-exempt interest, we carry the total amount of those items to the bottom of line 1 of Schedule 1 and precede that amount with the phrase "Tax-Exempt Interest." We do the same for those interest income items designated as nominee interest on the Interest Income Summaries, except that we precede the total amount of nominee interest on line 1 of Schedule 1 with the phrase "Nominee Distribution." We follow a similar approach if you have savings bond or other adjustments.
If you designated interest income items as tax-exempt or nominee interest, or if you have savings bond or other adjustments, we calculate a subtotal of all your interest items and display that subtotal on line 1 .
On Schedule 1, the amount of interest that appears on line 2 is calculated as the following: gross interest from the Interest Income Summaries - exempt interest - nominee interest - savings bond adjustments - other adjustments.
If there are 10 or more items entered on the Interest Income Summaries, we carry the total only (leaving the remaining lines in the interest section for the subtotal and nominee, tax-exempt, savings bond, and other adjustments, if needed) and enter "See attached worksheet for detail." In this case, you should file the Interest Income Summaries with your tax return.
If there are 14 or fewer dividend items entered on the Dividend Income Summaries, we carry the amount of the dividend (and the payer's name) for each of those items to the appropriate places on line 5 of Schedule 1.
If, among those 14 or fewer dividend items entered on the Dividend Income Summaries, there are items that you received as a nominee, we carry the total amount of those items to the bottom of line 5 of Schedule 1 and precede that amount with the phrase "Nominee Distribution." We do the same for those dividend income items designated as restricted dividends on the Dividend Income Summaries, except that we precede the total amount of restricted stock dividends on line 5 of Schedule 1 with the phrase "Dividends on Restricted Stock." We also calculate a subtotal of all your dividend items and display that subtotal on line 5.
On Schedule 1, the total dividend amount appearing on line 6 is calculated as the following: ordinary dividends from the Dividend Income Summaries - nominee dividends - restricted stock dividends.
If there are 15 or more items entered on the Dividend Income Summaries, we carry the total only (leaving the remaining lines in the dividend section for the subtotal, nominee distributions, and restricted stock dividends, if needed) and enter "See attached worksheet for detail."